Regulatory compliance solutions
Helping you to comply with MAS regulatory compliance requirements to navigate the fast pace and changing compliance challenges to give you the ability to focus on your core business decisions
Our service covers the following stage(s) of your business lifecycle:
Ideate
Launch
Run
Exit
Our compliance support services cover all phases of your business lifecycles and are structured to provide a tiered level of support that is tailored to the scale and complexity of your business. With an in-depth understanding of the Monetary Authority of Singapore (MAS) regulatory regime, we can help you to navigate the complex landscape of compliance requirements. Through the initial assessment of your operations and processes, we can help to develop tailored and robust compliance programs and policies that align with MAS regulations in order to proactively manage your compliance obligations and mitigate risks.
- Licensing application
- We will confirm with management on your business model, activities, products, and target client segment to mitigate any risk of incomplete or inaccurate application or filings from a technical standpoint;
- We will assist to make the application process more efficient by providing suggestions and sharing practical experiences to assist you in ensuring that the CMS licence application package and documents are as complete as possible based on our experience prior to submission;
- We will advise and provide suggestions on queries received from the MAS on the application pack, such as explaining the possible underlying reasons and expectations of the MAS on responses;
- We will facilitate the direct interaction with the MAS on any queries that may arise during the application process;
- It is important to recognise that the approval of the CMS licence is entirely at the discretion of the MAS, and based on their assessment and judgement. Therefore, there is an inherent risk that this assignment may not result in achieving your desired outcome.
- We will confirm with management on your business model, activities, products, and target client segment to mitigate any risk of incomplete or inaccurate application or filings from a technical standpoint;
- Development of compliance policies and manuals (non-customised)
We will support you on the development of the company’s compliance framework:- Advise on the list of regulatory requirements applicable to the regulated activities of the company in the form of a Key Obligations Register;
- Assist with drafting a non-customised template of the compliance manual, AML policies and outsourcing policies. Alternatively, where you have an existing compliance framework, we can review it and identify gaps. We will then communicate them with you through meetings and discussions.
- Advise on the list of regulatory requirements applicable to the regulated activities of the company in the form of a Key Obligations Register;
- Briefing for directors and representatives
We will conduct a briefing session to all the directors and representatives of the company on their regulatory duties and responsibilities, and the key regulatory obligations of the company.
- Customisation and ongoing update of compliance policies and manuals
We will assist you in customising its compliance manual, AML policies and outsourcing policies tailored to the nature of your business and activities. Thereafter, we will assist you on the ongoing update of these policies and manuals as and when there are changes in regulations/ guidelines.
- Ongoing regulatory updates
We will alert you on an ongoing basis regarding any key changes to regulations as and when they arise. These alerts will factually summarise the key changes and will be communicated via email to you.
- Dedicated compliance helpdesk
We will assign a dedicated compliance professional as your first point of contact to discuss, or coordinate another more relevant professional to discuss ad-hoc regulatory queries. These ad-hoc advice would generally cover providing explanation, clarification and sharing of experiences on regulatory requirements. These are meant to be short advice, such as in the form of “questions and answers” delivered mainly through discussions and sharing of relevant materials (e.g. extracts of regulations).
- Drafting and review of key correspondences with MAS
We will provide suggestions for responses on key correspondences and queries received from the MAS, such as explaining the possible underlying reasons and expectations of the MAS on responses. We will help to draft or review the responses to the MAS.
- Base capital, risk-based capital, and quarterly income and expenditure returns
We will discuss with management on their queries in relation to the interpretation and application of the base capital and risk-based capital (“RBC”) framework, and assist the management in preparing and reviewing its periodic submissions (i.e. quarterly RBC forms and Quarterly Income and Expenditure Statement for Compilation of Value-Added of Financial Sector, and annual RBC forms), to the MAS based on our industry knowledge and practical experience.
- Regulatory approval requests, notifications and surveys submissions to MAS
We will assist you in preparing and reviewing the necessary regulatory approval requests, regulatory notifications for the Company and its key officers, and survey submissions to the MAS.
- Liaison with external auditor and/ or internal auditor
We will assist you in liaising with external auditor and/ or internal auditor regarding the regulatory audit or review. We will handle auditors’ requests and queries, and discuss with management on significant matters raised.
- Summary of regulatory updates (semi-annual)
To help you to better informed and stay updated of the regulatory changes, we will provide a summary of key regulatory changes on a semi-annual basis.
- Impact assessment on changes in regulations and guidelines
We will conduct briefing/ workshop to provide impact assessment on changes in regulations and guidelines. Following this exercise, we will provide advice on relevant changes to be updated in the policies and manuals, and controls to be implemented.
- Regulatory compliance training
We will conduct an annual compliance training session for management and employees on areas to be agreed with management. This could include training on new regulations, refresher training on existing regulations or compulsory trainings such as AML/ CFT. Our deliverable would be a deck of training materials based on the regulatory requirements, tailored to the company’s operations.
- Semi-annual compliance visits
We will conduct a semi-annual compliance visit as part of the company’s compliance monitoring plan to review and assist with the maintenance of the company’s checklists and registers^ and to discuss with management on key compliance matters. These visits will be conducted through meetings and discussions with the relevant compliance personnel. The results of our visit will be in the form of a compliance report covering the key regulatory matters/ observations which will be shared with senior management.
^Note: The compliance checklists and registers include error and breaches log, complaints register, gift and entertainment register, training register, register of interests.
- Review of customer due diligence documentation
To support the company’s investor onboarding, we will assist to review the company’s customer due diligence documentation as part of the company’s compliance with the MAS’ Notice to Capital Markets Intermediaries on Prevention of Money Laundering and Countering the Financing of Terrorism (“SFA04-N02”) and the Guidelines to SFA04-N02. We will highlight gaps that we observe and recommendations for improvements that we will communicate in meetings and discussions with you.
- Marketing materials
We will assist you to review its marketing materials as part of your ongoing compliance with the MAS’ advertisement rules under SF(LCB)R. We will highlight gaps that we observe and recommendations for improvements that we will communicate in meetings and discussions with you.
Note: Marketing materials do not include legal agreements, private placement memorandums or prospectuses.
- Notification of Cessation of Business
We will assist you to notify MAS on cessation of business. Also, we will perform agreed-upon procedures and provide necessary auditor's certification for the company's notification to MAS on the cessation.
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