The latest MAS compliance requirements: How Waystone can help
Often, financial firms do not have the requisite in-house resources and experience to meet the regulatory requirements and carry out an effective compliance monitoring function for the financial institutions. Another challenge for firms is the high compliance staff turnover which provides a lack of consistency for firms with regards to their compliance needs.
MAS Enforcement Actions
MAS has stepped up its industry-wide supervisory checks and has issued regulatory warnings and passed enforcement actions on several financial institutions. Financial institutions face severe penalties for matters such as:
- late notifications and filings
- lack of AML/CFT checks
- inadequate enterprise-wide risk assessment
- insufficient checks conducted on outsourced service providers
- breaching licensing conditions
- failure to report suspicious transactions reports as required.
MAS has provided clarity in the Guidelines on Licensing, Registration and Conduct of Business for Fund Management Companies (SFA 04-G05) that asset managers overseeing accredited/institutional customers with assets below S$1billion assets under management, may outsource their compliance function to an outsourced service provider, such as Waystone Compliance Solutions.
Our APAC Compliance Solutions
Waystone Compliance Solutions has assisted numerous firms with their APAC compliance requirements and has successfully established an outsourcing compliance model that ensures asset managers are able to meet their regulatory obligations efficiently.
We provide the following compliance services:
- acting as your MAS liaison officer on all compliance matters
- reviewing and submitting regulatory filings
- sending reminders on key filings deadlines and internal deadlines
- providing regulatory updates
- providing advice to businesses on any updates to policies and procedures as regulatory changes take place
- compliance training
- compliance monitoring and ensuring key MAS obligations are met at all times
- reviewing AML/KYC checks
- reviewing outsourced arrangements.
If you would like to discuss your compliance programme with us in more detail, please do not hesitate to contact one of our team members at [email protected]