Asia banks turn to ‘diplomats’ as regulatory burden bites

Financial Crime Asia

SINGAPORE (Reuters) – Banks have a new buzzword to describe their strategy in Asia: diplomacy.FCA - Singapore

Stung by regulatory probes into allegations ranging from the hiring of the offspring of senior state officials in China to rate manipulation in Singapore, and grappling with reams of new rules brought in after the global financial crisis, firms are going on a charm offensive with the region’s regulators and governments.

Executives brought in to head banks’ businesses in major Asian financial centers are now expected – by management and regulators themselves – to devote more time to building their relationships with financial watchdogs.

“Regulators have become major stakeholders – as important as big corporate clients – so firms are recognizing how key they are for business,” said Judy Vas, regulatory leader for Ernst & Young’s financial services business in Asia.

Barclays recently promoted its Asia head of tax, Li Li Kuan, to become country…

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