Joyce Hsu, CAMS-FCI: Regulatory Strides in the APAC Region

Joyce Hsu has over 25 years of experience in the financial industry and joined the Association of Certified Anti-Money Laundering Specialists (ACAMS) as a subject-matter expert in 2016 with the primary responsibility of developing and executing a strategy in anti-money laundering/counter-terrorist financing (AML/CTF) training and knowledge-sharing with a focus on the Mandarin Chinese language. During her 20 years within the banking industry, she has worked and been in charge of not only the front line, but also operation and risk departments. Previously, she was in charge of security and investigation services for Citibank Taiwan. Her prior experience includes five years of responsibility providing financial crime and operational risk management solutions for a leading consulting firm with a particular expertise in anti-money laundering (AML) and operational risk management. Her expertise is focused on financial crime management and investigation. Her various roles range from being a front-line operator, sales to senior manager of a headquartered operation center with further progression into a risk manager role. Some accomplishments include building up AML and anti-fraud management for tier one banks in China; designing and implementing operational risk management tools and systems for an entire bank; and leading a team to develop the banking operation management capability for one of the largest banks in China.

ACAMS Today: How did your career journey from the banking industry lead you to ACAMS?

Joyce Hsu: Before joining ACAMS, I had spent part of my career doing things to prevent and detect financial crime. I was strongly interested in this area. I also worked as a speaker on behalf of ACAMS and was delighted to join the organization when they invited me to be a subject-matter expert for North Asia.

AT: As a subject-matter expert, what topics do you think are of utmost importance for anti-financial crime experts in Asia and beyond?

JH: I believe that sanctions compliance and anti-bribery are very important to this region. Anti-corruption has become one of the top priorities for companies to reduce the legal risks regarding commercial bribery. From a recent research report, it was estimated that the annual cost of bribery is between $1.5 trillion and $2 trillion, or about 2% of global GDP. Corruption remains an urgent social problem in every country. Other hot topics for anti-financial crime experts in Asia are virtual assets and digital currency.

AT: From your experience, how do anti-financial crime issues compare and differ throughout the Asia-Pacific (APAC) region?

JH: The APAC region, home to over 40+ regulators, is one of the most complex jurisdictions in terms of regulatory compliance.

Despite the general global decline in AML, know your customer and sanctions fines, APAC regulators are just starting to reach their stride, strengthening their AML policies and procedures. With several Financial Action Task Force mutual evaluations published, many countries are expected to increase their compliance spending over the next year. The focus will mainly be on the supervision of financial institutions and designated non-financial businesses and professions, transparency of legal persons and arrangements, and sanctions compliance.

AT: You were the founder of the ACAMS Taiwan Chapter. How have you seen this chapter grow since its inauguration?

JH: After more than a year of preparation and application, I am very excited that the Taiwan Chapter was officially approved in January 2019. This, of course, must be attributed to the support of the private and public sectors who greatly assisted in the establishment of the Taiwan Chapter. At our inaugural chapter event on September 11, sanctions issues were discussed. We have received many responses which has given me confidence in the future development of the Taiwan Chapter. Because our aim is to assist locals in exploring the issues they face in their daily work, much of the feedback comes from the hope that we can run more similar activities and related training. We hope that we can really contribute to Taiwan’s AML/CTF environment.

AT: What do you like to do when you are off the clock?

JH: I love to travel because it is not only the ultimate adventure but it also exposes me to new types of people, different ways of living and opens up my mind. I also like to attend the ceremonies of my Buddhist community and to do some volunteer work in my spare time.

Interviewed by: Stephanie Trejos, CAMS, associate editor, ACAMS, Miami, FL, USA,

Leave a Reply