- In February 2025, Mastercard officially launched TRACE (Trace Financial Crime) in the Asia Pacific region, introducing a network-level anti-money laundering (AML) solution powered by artificial intelligence. TRACE analyzes large-scale payments data across multiple financial institutions to detect and prevent financial crime, offering a holistic view beyond siloed systems. The Philippines became the first market in Asia Pacific to implement TRACE, integrating it into its Real-Time Payment (RTP) network via a partnership with BancNet, which onboarded 36 domestic banks. This rollout supports compliance with the country’s Anti-Financial Account Scamming Act (AFASA) and marks a transformative step in regional AML efforts
- In July 2024, the Asian Development Bank (ADB), in partnership with the Global Forum on Transparency and Exchange of Information for Tax Purposes and regional bodies of the Financial Action Task Force (FATF), hosted a three-day workshop on beneficial ownership transparency. Held from 3–5 July, the event brought together over 60 tax and AML officials from across Asia and the Pacific, alongside civil society and international experts. The training focused on aligning tax transparency standards with FATF’s updated recommendations, fostering a whole-of-government approach to combat illicit financial flows, money laundering, and tax evasion
- In April 2024, Oracle Financial Services launched the Compliance Agent, an AI-powered cloud service designed to help banks proactively manage anti-money laundering (AML) risks. The platform enables hypothetical scenario testing to fine-tune transaction monitoring systems (TMS), assess risk profiles of new products, and optimize controls for high-risk typologies such as human trafficking. By automating model risk analysis and supporting evidence-based decisions, Compliance Agent reduces compliance costs and enhances regulatory readiness. This innovation reflects the growing trend of AI and cloud adoption in financial crime prevention across Asia and beyond
- In October 2023, WorkFusion launched Isaac, an AI-powered Digital Worker designed to automate first-level (L1) alert reviews in AML transaction monitoring. Isaac integrates with existing surveillance systems to evaluate alerts, auto-escalate suspicious activity, and auto-close non-suspicious alerts with a supporting dossier. By reducing manual review burdens and false positives—often comprising 90–95% of alerts—Isaac enables analysts to focus on high-risk investigations. The solution enhances consistency, transparency, and compliance efficiency, reflecting a broader industry shift toward AI-driven financial crime management
- In November 2023, the Financial Action Task Force (FATF) and the Asia/Pacific Group on Money Laundering (APG) jointly hosted an Assessor Training Workshop in Ottawa, Canada, with a strong focus on Asia-Pacific jurisdictions. The event welcomed 40 delegates from countries including Chinese Taipei, Indonesia, Mongolia, Thailand, and the UAE, and was supported by Canada’s Department of Finance. Participants engaged in mock evaluations of a fictional country, covering legislation review, interviews, and report drafting. The training aimed to prepare assessors for upcoming mutual evaluations, reinforcing regional efforts to improve AML/CFT compliance and implement FATF’s evolving methodology
