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Singapore’s Financial Institutions Face Intensifying Regulatory Pressure
In a post-crisis era where compliance demands have never been more stringent, financial institutions in Singapore are under mounting pressure to stay abreast of the evolving regulatory landscape. As new rules come into effect and existing ones are tightened, these institutions are being forced to adapt quickly to manage regulatory risks.
Meeting Regulatory Challenges
To meet these challenges, financial institutions will need to invest in process and system enhancements, as well as technology solutions that can support their compliance frameworks. This is where KPMG’s dedicated regulatory compliance team comes in, offering a range of services designed to help financial institutions navigate the complex regulatory environment.
Our Expertise
With extensive experience advising and working with financial institutions, our team comprises ex- regulators and professionals who possess a deep understanding of regulatory requirements and expectations within the industry. We work closely with clients to deliver practical and cost-effective solutions that meet their unique needs and challenges.
Our Core Services
- Licensing-related services
- Compliance-related services
- Catering to various financial institutions, including banks and capital markets services license holders
- Extensive experience working with local regulators, including the Monetary Authority of Singapore (MAS)
Success Stories
KPMG’s expertise in auditing banks has earned us a reputation as a market leader globally. In Singapore, we are recognized as leaders in the audit of financial institutions. Our partners have been conducting seminars on banking laws and regulations for over 30 years, while our team has worked closely with the MAS on various projects.
Client Needs
We understand that every financial institution is unique, with its own set of challenges and issues. That’s why we offer customized services tailored to meet each client’s specific needs. Here are some examples of how we have helped clients in Singapore:
Licensing Services
- Applied for exempt status for regulated activities under the Securities and Futures Act (SFA) on behalf of a fund manager.
- Assisted a local branch of a global bank with the application for a banking license.
- Reviewed and commented on draft and final application forms and supporting documents before submission to MAS.
Compliance Services
- Assessed the accuracy in the submission of various regulatory returns to MAS for a local branch of a global bank.
- Identified gaps and areas for improvement in the anti-money laundering/countering of financing of terrorism (AML/ CFT) control environment for a local branch of an European bank.
Conclusion
Our team’s expertise has enabled clients to enhance the quality and delivery of their documentation and application processes, pre-empt potential issues, and secure licenses or exemptions more quickly. By leveraging our knowledge and experience, financial institutions in Singapore can navigate the complex regulatory landscape with confidence.