How to Implement AML Without Blowing Up Your Cost Base
For many firms, the biggest concern around AML is not about whether it is required — it is how to avoid creating an unsustainable cost burden for the firm and the clients. I understand the concern. Poorly structured compliance efforts result in senior staff performing low-value administrative work, fragmented systems, and duplicated effort. This is […]
What an Effective AML Framework Actually Looks Like (In Practice)
Once the initial concerns around AML requirements are understood, the next challenge is clarity: what does “good” actually look like? An effective AML framework is not about ticking boxes. It is about building a system that is consistent, defensible, and scalable. At a practical level, this involves several core components. A clear risk assessment process. […]
Where Most Firms Will Get Caught Out on AML Compliance
As AML requirements tighten, most firms are not starting from zero. However, the issue is not whether something exists — it is whether what exists will stand up to scrutiny. From what I am seeing across our client firms, there are several consistent gaps. First, many firms do not yet have a documented AML program. […]
The AML Changes Are Real — And They Are Closer Than You Think
The new anti-money laundering (AML) requirements are “coming,” but for many firms, the detail remains vague and the urgency understated. This is a risk. And not a theoretical risk. Globally, AML enforcement has moved from guidance to action. Australia is following that trajectory. What is being introduced is not a minor compliance adjustment. It is […]
Post-Pandemic Trends in Managing Changing Client Expectations
“The customer is always right” so the adage goes. Which of the versions below is closest to the truth? The customer is always right… even when they are wrong. The customer is always right… until they are wrong. The customer is not always right. The answer is near the end of this article but, for […]
Significant Pay Increase in Philippines Projected for 2023 Due to CPI
The inflation rate in the Philippines hit 7.7 percent in October 2022, according to a report released this month by the Philippine Statistics Authority (PSA). The agency said this is the highest inflation rate since December 2008 and was pushed by a 5.4 percent year-on-year increase in the average consumer price index (CPI) for January-October […]
Philippines Outsourcing: Redefining The Workforce
It appears that the majority of organisations are following the trend of global outsourcing. As a result of this shift in how companies source their talent, we’re seeing an evolution in the way people work. Cost-cutting Strategy Outsourcing has been fully embraced by businesses like ours as a viable cost-cutting strategy. As businesses look for […]
Salary Trends In The Philippines In 2023 And Beyond
Michael Domingo is the General Manager of Profitmaster Global Outsourcing, based in Pampanga, Philippines. With fast-growing levels of staff, it is imperative that he is aware of the current and developing trends with regard to salaries in the Philippines BPO sector. This is his view regarding salaries of professional staff working for Australian accounting […]
No rush to Great Resignation in the Philippines
Western economies are hearing a lot about The Great Resignation. The term was coined by Dr. Anthony C. Klotz, Professor of Business Administration at Mays Business School in Texas. According to Dr Klotz, events like the pandemic are making people step back and rethink their lives and careers. How is this being played out? In […]
Profitmaster: Making an impression in the Philippine outsourcing landscape
The number of companies that employ outsourcing continues to grow. Companies of various sizes and sectors around the globe now employ outsourcing, as studies show: Market insights platform Clutch reported that at least one business process is outsourced by 37% of small enterprises. Tech firm IDAP said 92% of the Forbes Global 2000 companies use […]