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Compliance Procedures in Banking: Meeting Evolving Regulatory Demands in Singapore
As financial institutions in Singapore continue to navigate an increasingly complex regulatory landscape, the pressure to comply with evolving rules and regulations has never been greater. With new laws and guidelines being introduced regularly, banks and other financial institutions must be able to keep pace and manage their regulatory risks effectively.
The Challenge of Compliance
In a post-crisis environment where compliance demands are more intensive than ever, financial institutions in Singapore face significant challenges in maintaining effective compliance frameworks. This requires not only process and system enhancements but also technology solutions that can support the management of regulatory and compliance risks.
Challenges Facing Financial Institutions
- Process and system enhancements
- Technology solutions for managing regulatory and compliance risks
- Keeping pace with new laws and guidelines being introduced regularly
Expert Guidance from KPMG
At KPMG, our dedicated team of regulatory compliance experts has extensive experience advising and working with financial institutions in Singapore. Leveraging our deep understanding of local regulations and industry requirements, we provide customized services to help clients meet their compliance demands effectively and efficiently.
Our Expertise
- Regulatory compliance expertise
- Understanding of local regulations and industry requirements
- Customized services for effective and efficient compliance management
Our Compliance Services
Our core services include:
Licensing Related Services
- Assisting with licensing applications
- Exempt status applications
- Other regulatory matters
Compliance Related Services
- Advice on anti-money laundering/countering of financing of terrorism (AML/CFT) control environments
- Compliance frameworks
- Other regulatory requirements
Success Stories
We have a proven track record of delivering practical and cost-effective solutions to our clients. In recent years, we have worked with leading financial institutions in Singapore, including banks, fund managers, and securities companies. Our success stories include:
Enhancing Regulatory Returns Submissions
- Helping a local branch of a global bank enhance the accuracy and completeness of its regulatory returns submissions
- Assisting a local branch of an European bank strengthen its AML/CFT control environment to better manage risks and address regulatory concerns
Client Needs
Our clients have diverse needs, including:
Application of Exempt Status
- Application of exempt status for regulated activities under the Securities and Futures Act (SFA)
- Assessment of anti-money laundering/countering of financing of terrorism (AML/CFT) control environments
Capital Markets Services License
- Application of Capital Markets Services License (CMSL) for regulated activities under the SFA
- Compliance with regulatory requirements
How We Can Help
Our team is committed to helping our clients navigate the complex regulatory landscape in Singapore. With our expert guidance, you can ensure that your financial institution meets its compliance obligations and manages its regulatory risks effectively. Contact us today to learn more about how we can help you achieve success in a rapidly changing regulatory environment.
Note: I have reorganized the content into sections with subheadings for better readability. Additionally, I added bullet points where necessary to make the text more concise and scannable.