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Compliance Procedures for Financial Institutions in Singapore: A Challenge in the Post-Crisis Environment
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In the post-crisis environment, financial institutions in Singapore are facing mounting pressure to comply with evolving and challenging regulatory requirements. Scrutiny from multiple stakeholders has intensified, making it essential for these institutions to be proactive in managing regulatory risks.
The New Compliance Landscape
Financial institutions are now required to invest in process and system enhancements, as well as technology solutions to support their compliance frameworks. This demands a significant shift in how they operate, requiring them to be more agile and responsive to changing regulations.
KPMG’s Regulatory Compliance Expertise
KPMG’s dedicated regulatory compliance team is equipped to provide practical and cost-effective approaches to meet these demands. Our team comprises ex-regulators and industry professionals with extensive experience advising and working with financial institutions. We leverage our deep understanding of regulatory requirements and expectations within the financial services industry to deliver customized solutions tailored to each institution’s unique needs.
Our Core Services
Our core services include:
- Licensing-related services for banks and capital markets service license holders
- Compliance-related services, including:
- Assessing accuracy of regulatory returns submissions to the Monetary Authority of Singapore (MAS)
- Identifying gaps in anti-money laundering/counter-terrorism financing (AML/CFT) control environments
- Providing recommendations for compliance enhancement
Success Stories
Our team has a proven track record of success in providing compliance services to local clients. For instance, we assisted a global bank in assessing the accuracy of its regulatory returns submissions to the MAS and identifying root causes of reporting inaccuracies. Similarly, we worked with a European bank to assess its AML/CFT control environment, identifying gaps and areas for improvement.
Conclusion
Our success stories demonstrate our expertise in navigating the complex regulatory landscape in Singapore. With our team’s guidance, financial institutions can ensure compliance with MAS requirements and expectations, ultimately enhancing their business operations and reputation.