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With anti-money laundering continuing to make headlines in 2023 and a renewed focus on combating fraud, private banking continues to face challenges across the sector.
This year’s private banking review explores four control matters across the industry, including:
- Anti-money laundering (AML) and countering the financing of terrorism (CFT)
- Regulatory reporting
- Operational risk management
- Sales and advisory
Separately, there is a renewed focus on combating fraud, and call-back remains one of the most effective mitigating controls. Through our research, we highlight common industry practices around call-back procedures and what potential areas private banks can enhance their controls in.
From our review of selected private banks in Singapore in 2022, we have categorised the observations on control matters noted across various themes as summarised below:
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Anti-money laundering (AML) / Countering the financing of terrorism (CFT)
A hot topic for the year as we have noted a significant number of gaps in the AML/CFT space.
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Regulatory reporting
Regulatory reporting remains an area to be improved per the requirement by Monetary Authority of Singapore (MAS).
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Operational risk management
We continue to see findings in operational controls in terms of timely reporting of operational risk incidents and material outsourcing events which can be further improved.
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Sales and advisory
Sales and advisory processes and controls continue to be the focus areas since MAS information paper in 2020.
In addition to the top four themes above, we have also observed increased lapses in terms of credit areas which can be further improved.
The thematic focus areas for private banks have largely remained similar in 2021 and 2022, except for environmental risk management and technology risk management, which are new areas of focus in 2022.
Exhibit 1: Thematic risk areas1
1PwC research
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