MAS Compliance Services in Singapore
Introduction
One of the core responsibilities of all financial institutions, fund managers, payment service providers and other regulated entities in Singapore is to ensure adequate and up-to-date regulatory compliance. With ongoing regulatory changes and increased expectations from relevant regulators, organisations need structured, expert MAS compliance services to effectively handle their responsibilities, safeguard their licences, and build investor, counterparty, and stakeholder trust.
Our MAS compliance services in Singapore are provided by seasoned practitioners who bring a wealth of expertise and vast knowledge in financial regulatory compliance, licensing compliance management, anti-money laundering, risk management and continuous compliance advisory. We provide regulated entities with the technical expertise, regulatory understanding, and practical experience to help them fulfil their compliance obligations with assurance and consistency. Each client we work with has their own regulatory environment, licence type and context, and we approach it accordingly.
Understanding MAS Compliance Services in Singapore
MAS compliance services in Singapore cover all aspects of advisory, implementation, monitoring, and review, essential for a regulated entity to achieve compliance with the financial regulatory framework to which it is subject. This comprises the design and implementation of a compliance programme, monitoring of compliance obligations, management of the anti-money laundering and countering the financing of terrorism programme, regulatory reporting, internal compliance audit, compliance in conduct and disclosure, and advising on regulatory changes that impact the entity’s licensed activities.
The Singaporean financial regulatory requirements apply to many regulated entities, including fund managers, capital markets licensees, payment service providers, and financial advisers. Compliance obligations, reporting, and conduct standards differ significantly depending on the type of licence held and are bespoke and licence-specific; that is why Singapore MAS compliance support is crucial for organisations with multiple, evolving compliance obligations to manage efficiently and reliably.
MAS Compliance Services We Provide
- MAS Licensing Compliance Programme Design: Our MAS licensing compliance solutions encompass the design and implementation of a comprehensive compliance programme for each entity, which is specific to the type of licence and obligations it is regulated under, including the policy, procedures, controls, governance and operational frameworks needed to manage compliance going forward effectively.
- Structured Ongoing MAS Compliance Management: We work as an outsourced compliance function or on a retainer or periodic basis, complementing the entity's ongoing compliance resources and providing expert compliance advice, regulatory monitoring, reporting support, and compliance reviews.
- Anti-Money Laundering and Countering Financing of Terrorism Advisory: Design, implementation and review of anti-money laundering and countering the financing of terrorism programmes, including customer due diligence, transaction monitoring, suspicious transaction reporting and staff training in compliance with applicable regulatory requirements.
- MAS Compliance Audit Services: We deliver independent MAS compliance audit services across the major components of a compliance programme, including a review of the effectiveness of policies, procedures, and controls against applicable regulatory requirements. We deliver clear, actionable findings and recommendations to improve the programme.
- Regulatory Reporting and Notification Support: We provide regulatory compliance support for regulatory reporting and notification requirements under the Singapore MAS, including periodic returns, material change notifications, and other reporting requirements, to ensure the entity maintains good standing and licence conditions in good order.
- Regulatory Change Management and Advisory: We serve as a trusted MAS compliance provider, tracking the evolving regulatory landscape and advising clients on regulatory changes, new guidance, and emerging compliance obligations for their licensed activities, enabling timely and effective implementation of new compliance arrangements.
Why Clients Choose Our MAS Compliance Services in Singapore
Specialist Financial Regulatory Compliance Expertise:
Our deep understanding of Singapore’s financial regulatory landscape, coupled with hands-on expertise, enables us to implement technically robust, relevant, and effective compliance programmes for financial institutions, including licensed fund managers, capital markets companies, payment service providers, and financial advisors.
Independent and Objective Approach:
Our compliance services in Singapore are delivered independently and objectively, helping give boards, senior management, and regulators confidence in the integrity and effectiveness of the entity’s compliance arrangements.
Detailed Knowledge of Regulatory Requirements:
Our professional MAS compliance consultants have comprehensive, up-to-date knowledge of regulatory requirements, guidelines, and expectations across all types of licences in Singapore, and ensure that each compliance engagement is aligned with the latest regulatory requirements throughout.
Consistent Senior Involvement:
Our seasoned experts work with you from the beginning of your programme design through its continual management and audit, ensuring it is of high quality, depth, and accountability across the entire range of financial regulatory compliance advisory and support services we deliver.
When You Need MAS Compliance Services
Our MAS regulatory compliance consultants and advisory support in Singapore are brought on board in a variety of scenarios, such as:
- When a new compliance programme is established after obtaining a regulatory licence, the need for structured MAS licensing compliance solutions is to develop and implement policies, controls, and governance requirements from day one of the licence.
- Preparing for a planned compliance programme review before a regulatory review, internal audit or board review, and needing objective MAS compliance audit services to pinpoint weaknesses and make recommendations for improvements.
- Addressing a regulatory enquiry, compliance gap, or enforcement issue, determining the appropriate remediation plan, and effectively managing the response process in Singapore require expertise from MAS compliance professionals.
- Conducting a substantial business change event that brings new or materially different compliance obligations, such as a product launch, licence variation or technology system upgrade, that necessitate structured regulatory change management advisory.
- To provide an internal compliance function with specialist skills and capacity that is not suitable for effectively handling all the compliance obligations of the MAS, and that needs regular ongoing MAS compliance management support on a retainer basis.
- Keeping up to date with the changing regulatory environment and ensuring the compliance programme stays up to date, requiring reliance on trusted MAS compliance provider advice on new guidance, regulatory changes, and new compliance demands.
Our Approach to MAS Compliance Advisory
Engagement Scoping and Regulatory Mapping
We start by gaining a clear understanding of the type of regulatory licence the entity holds, the specific compliance commitments it entails, and the status of the entity’s compliance programme and governance arrangements. This involves examining the entity’s licence conditions, the relevant regulatory guidelines and correspondence, and past regulatory compliance and compliance findings which may relate to the scope of the compliance services engagement undertaken by MAS.
During this phase, we collaborate closely with our client’s compliance, legal, and management teams to ensure the scope, delivery, and priority areas of the advisory engagement are aligned. With engagement beginning with a full compliance programme review, an in-depth anti-money laundering programme assessment, or prolonged MAS compliance management support, early alignment ensures a focused, efficient, and more responsive process tailored to the entity’s top-priority compliance requirements.
By closely following the scoping phase, the MAS compliance services offered are directly relevant to the entity’s regulatory framework and context, the process is not unnecessarily complicated, and none of the material compliance obligations is missed. This sets the stage for an informed and structured compliance assessment, programme design, and advisory work that will follow throughout the engagement.
Compliance Programme Assessment
We first conduct a formal evaluation of the entity’s compliance programme against the relevant regulatory requirements for its licence type and activities before designing any enhancements to its compliance programme or providing targeted advice. This includes the robustness of existing policies and procedures, the functioning of key compliance mechanisms, the extant governance and oversight mechanisms, and the entity’s history of compliance with ongoing regulatory reporting and notification requirements.
The assessment takes into account the technical aspects of the relevant regulatory regime, as well as the extent to which a compliance programme is effective in practice, including any policy-level gaps or operational weaknesses. Such a difference between compliance and operational efficiency is a key component of our MAS compliance audit services approach.
The results of the assessment are presented clearly and prioritised, detailing the most serious non-compliances, the regulatory and operational risk significance of each, and, on that basis, a structured framework for the design and recommendations of the compliance programme. This is an objective, evidence-based appraisal process that enables compliance advisory work to be targeted to the areas most critical to the entity and regulators.
Compliance Programme Design and Enhancement
We develop and/or improve the entity’s compliance framework based on the results of the compliance programme assessment, taking into account gaps identified and the overall effectiveness of the compliance programme. This includes developing or reviewing compliance policies and procedures, designing or enhancing key compliance controls, and establishing governance and oversight structures to ensure compliance accountability is built into the organisation.
Our MAS licensing compliance solutions encompass all aspects of the material compliance programme, such as anti-money laundering and countering the financing of terrorism controls, conduct and disclosure requirements, risk management frameworks, regulatory reporting requirements, complaints handling and the compliance monitoring and testing that must be conducted to ensure the programme continues to be effective.
During the programme design process, we work with the compliance and management teams of the entity to ensure that all enhancements are viable, documented and can be implemented and sustained within the organisation’s existing programme governance and operation. This partnership creates a compliance program that is not only workable but also well understood by the entity and truly woven into the organisation’s fabric.
Implementation Support and Staff Training
We will offer hands-on implementation support and guidance to the entity to embed the enhanced compliance programme in their day-to-day operations, including the rollout of updated policies and procedures, the configuration of compliance monitoring processes, and the integration of new compliance controls into existing day-to-day operational processes. Our Singapore MAS compliance support is geared toward tangible, functional outcomes, not just documentation.
Additionally, we can design and provide compliance training for staff to ensure that all relevant staff are aware of their compliance obligations, the major provisions of the relevant regulatory regime, and the procedures they must follow in relation to the entity’s licensed activities. Part of any compliance programme is having well-trained staff at the right jobs, which is an expectation of the regulatory oversight applied.
During the implementation phase, we maintain regular contact with the entity’s compliance and management teams to discuss practical issues, answer questions that may arise, and monitor progress against the compliance programme enhancement plan. With this ‘doing’ assistance, the revised compliance programme is ensured to be deployed, not just formally approved, and to be truly effective.
Compliance Monitoring, Testing, and Audit
After the programme is in place, we support the entity in developing and executing a system to monitor and test compliance, ensuring that compliance controls are in place and functioning properly. This involves developing a compliance monitoring calendar, periodic testing of key controls, reviewing transaction samples and client files for compliance, and preparing compliance monitoring reports for management and board review.
Our independent compliance audit services offer a structured, objective evaluation of the compliance programme at regular intervals, assessing whether policies and procedures are adhered to in practice, whether controls are operating as intended, and whether the programme is overall compliant with applicable regulatory requirements. Use of this independent assurance is beneficial for internal governance and for the applicable oversight body as a statement of effectiveness regarding compliance.
Compliance monitoring, testing, and audit results are clearly documented and structured, with practical recommendations and agreed remediation timescales, and any deficiencies or areas for improvement are identified. These reports will assist the entity’s management and board in effectively monitoring the compliance programme and promptly addressing any concerns identified through monitoring and testing.
Ongoing Compliance Management and Regulatory Advisory
We provide compliance management support to entities that want to continue with MAS compliance support but are unable to maintain their own compliance team, or to entities that want their internal compliance team supported by our team as a specialist adviser. This involves the regulatory reporting schedule, the review and preparation of regulatory filings, managing the regulatory environment for relevant changes, and providing timely regulatory guidance on any regulatory changes that may impact the entity’s compliance obligations.
We stay up to date with the ever-changing regulatory landscape and proactively advise clients on new guidelines, regulatory changes, policy consultations, and enforcement trends that will affect their licensed activities and compliance requirements. It is an important and ongoing part of our MAS compliance management service, so clients do not have to deal with regulatory changes and are not caught off guard.
As a trusted provider of MAS compliance, we can serve as a long-term advisory partner to regulated entities, providing consistent, informed compliance support across all aspects of their regulatory requirements throughout the licence period. This continuity of engagement will ensure that the compliance programme remains relevant, effective, and attuned to the regulatory framework as it evolves and adapts over time, as well as to the entity’s business.
How We Approach Each Engagement
step 01
Engagement Scoping
We start by having a clear picture of the objective of the valuation, who will be dependent on the output, and the general environment in which the engagement will be. This involves establishing the standard of value to apply, the type of interest to be assessed and any special considerations that can impact the scope of work.
At this point, we collaborate closely with the client to agree on deliverables, timelines and the level of analysis that is needed. Regardless of whether the valuation is to be used in internal decision-making, transaction support, or a more formal reporting purpose, it is important to have early alignment to make the engagement efficient and purposeful.
Properly planned scoping phase enables us to tailor the engagement to the right level without introducing any unnecessary complexity, and ensures that all the factors are considered. This gives the analysis that follows a strong basis and helps to follow the same approach in a very clear and consistent manner.
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step 02
Business and Industry Analysis
We undertake an in-depth analysis of the business before using any valuation methodology to know how the business works and how it creates value. This involves an examination of the business model, source of revenue, cost base, customer base, positioning against the competitors and the experience and depth of the management team.
We also look at the strategic direction of the business, growth plans and opportunities, and operational constraints that can influence its future performance. This qualitative analysis is fundamental to the creation of a realistic and informed perspective of the business prior to the thorough financial analysis.
Simultaneously, we conduct industry and market research, including the analysis of the overall economic environment, trends in the sector, and similar transactions. It is this external view that assists in pegging the business valuation in the prevailing market conditions, and that conclusions are backed by reference points that can be observed.
step 03
Financial Analysis and Normalisation
We will conduct an in-depth analysis of the financial data of the company, such as past financial statements, management accounts, and future forecasts or business strategies. This would help us to evaluate the performance in the past, determine the trend underlying the performance, and determine the plausibility of the future.
Another important aspect of this step is the earnings normalisation, which entails the process of correcting non-recurring items, owner-specific expenses and any irregularities in accounting policy or presentation. Such changes are made to make sure that the financial performance is based on the underlying economics of the business on a consistent basis.
We also determine the quality and reliability of the financial information, question assumptions where necessary and make sure that all the adjustments are well justified and backed by clear explanations and evidence. Such rigorous methodology gives the conclusions on valuation that follow a solid financial basis.
step 04
Methodology: Choosing and Implementing
The valuation methodology selected is determined by the nature of the business, the use of the valuation, and the availability of market information. Various types of engagements and business nature might prefer different approaches and our valuation specialists in Australia are cautious in selecting the best approach in each scenario.
Some of the common methods are discounted cash flow analysis, earnings-based methodologies, and market benchmarking based on similar listed companies or transactions. Both methods provide an alternative understanding of value and their relative applicability is evaluated in the context of the engagement.
Practically, we tend to use several methodologies and compare the findings to come up with a well-grounded and balanced range of values. The reasons behind the methods chosen and the importance assigned to each are well explained to facilitate transparency and consistency in the conclusions.
step 05
Sensitivity Analysis and Concluded Value Range
The valuation conclusions are typically given as a range instead of a point estimate, indicating the uncertainty of forward-looking inputs and market assumptions. Such a method gives a more realistic value representation in various circumstances and enables more informed decision-making.
We take key assumptions such as revenue growth, profitability, and discount rates through structured sensitivity analysis to learn how the variation of these inputs can impact the valuation result. This aids in determining the most important value drivers and those assumptions that the conclusion is most sensitive to.
We allow clients and their advisers to know the variability of possible outcomes by providing a range with a comprehensive analysis. It is especially useful in the context of transactions and negotiations where knowledge of value limits can be used to make improved commercial decisions.
step 06
Reporting and Advisory Support
The end product is packaged to meet the target audience and purpose, be it internal stakeholders, external stakeholders or formal reporting needs. The report is designed in a manner that logically and accessibly presents the methodology, key assumptions, financial analysis, and the concluded value range.
We make sure that key value drivers, risks and sensitivities are shared in a manner that stakeholders can see not just the result but also the rationale. In Australia, our business valuation advisory is informed by the transparency, clarity, and practical relevance in all reporting.
In addition to the written report, we also offer continuous advisory services such as presentations to boards or management, answering of counterparty queries and help with further analysis as the transaction or decision-making process evolves. This continuity makes sure that clients are supported to the end.
Key Considerations in MAS Compliance Management
- Licence-Specific Compliance Obligations: The compliance programme shall be tailored to and aligned with the entity's specific compliance obligations, reporting requirements, and conduct standards in Singapore, depending on the type of regulatory licence held by the entity.
- Anti-Money Laundering Programme Adequacy: The anti-money laundering and countering the financing of terrorism programme is one of the most important compliance programmes for all regulated entities in Singapore, and is closely monitored during regulatory inspections and compliance reviews for its adequacy.
- Compliance Governance and Board Oversight: Compliance management needs to be of a high standard, with clearly defined governance structures; management accountability and oversight of a compliance programme at a board level; and compliance as an organisational priority, not just a documentation exercise.
- Periodic and event-driven regulatory reporting requirements: Regulated entities have various regulatory reporting requirements, some periodic and some event-driven, which are closely monitored by the applicable regulatory bodies as indicators of the regulated entity's overall compliance culture and effectiveness.
- Proactive Monitoring of Regulatory Change and Adaptation of the Compliance Programme: In an environment where the financial regulatory framework is constantly evolving, and new guidelines, policies, and enforcement priorities are introduced regularly, proactive monitoring of regulatory change and adapting the compliance programme to these changes will be essential for effective ongoing compliance management.
- Compliance Culture and Staff Awareness: The efficacy of any compliance programme relies heavily on the culture and awareness of the organisation's employees and the continued nurturing of the compliance culture through the use of ongoing training, effective communications regarding expectations around compliance and demonstrating the tone from the top is a fundamental part of a well-managed compliance function.
MAS Compliance Services Requirements
Engaging MAS compliance services effectively requires regulated entities to provide relevant information and commit to implementing recommended compliance improvements. The key requirements for a productive MAS compliance services engagement include:
Current Licence Documentation and Conditions:
The regulated entity must provide access to its current regulatory licence documentation, applicable licence conditions, and any prior regulatory correspondence or compliance findings relevant to the scope of the MAS compliance services engagement.
Existing Compliance Programme Documentation:
All existing compliance policies, procedures, monitoring records, training logs, and governance documentation must be made available to support a thorough, evidence-based assessment of the compliance programme’s current state.
Management and Board Engagement:
Effective MAS compliance services require the active engagement of the entity’s management and board, including participation in interviews and consultations, timely review of draft outputs, and commitment to implementing the recommended compliance programme improvements.
Regulatory Reporting Records:
Copies of all recent regulatory reporting submissions, notification records, and correspondence with the applicable regulatory authority must be provided to enable a complete assessment of the entity’s current regulatory reporting compliance position.
Access to Key Compliance Personnel:
Key compliance, legal, and operational personnel must be available for consultation throughout the engagement, as their knowledge of the entity’s day-to-day compliance practices is essential to delivering accurate, practically grounded compliance advisory outcomes.
Commitment to Remediation and Follow-Through:
The entity must be prepared to act on the compliance advisory recommendations provided, assigning clear ownership for remediation actions and committing to the implementation timelines agreed as part of the compliance programme improvement process.
Industries We Serve Across Singapore
Our MAS compliance services in Singapore can help regulated entities in a wide spectrum of financial services, fund management, and payment services, including:
- Registered Fund Management Companies, Licensed Fund Managers and Capital Markets Licensees: Ongoing compliance management, compliance programme design, and independent MAS compliance audit services for all relevant regulatory requirements.
- Payment Service Providers and Fintech Operators: Standard and Major Payment Institution licensees and digital payment operators who were required to obtain structured Singapore MAS compliance assistance regarding payment services compliance requirements, anti-money laundering programme management and regulatory reporting about all payment services activities.
- Financial Advisers and Wealth Management Firms: Licensed financial advisers and wealth management firms that will need MAS licensing compliance solutions that include conduct and disclosure requirements, client suitability standards, product due diligence procedures, and ongoing monitoring and compliance in accordance with the licensing framework for financial advisers.
- Banks and Deposit-Taking Institutions (DTIs): Banks and Deposit-Taking Institutions (DTIs) that need MAS regulatory compliance consultants to support their compliance programme reviews, anti-money laundering programme assessments, regulatory reporting management and regulatory change advisory in a complex and multifaceted regulatory compliance environment.
- Family Offices and Alternative Investment Managers: Exempt family offices, registered fund managers, and alternative investment managers that require specialist financial regulatory compliance support will do so, customised to their specific regulatory frameworks and obligations as fund managers and family offices.
- Foreign Financial Institutions Operating in Singapore: Foreign financial institutions, cross-border fund managers, and foreign payment service providers with a licensed presence in Singapore need the right compliance management expertise to navigate Singapore's regulatory environment and maintain their regulatory standing.
Illustrative Engagement Examples
Situation: A new fund manager in Singapore obtained regulatory authorisation but had not put in place a well-documented, effective compliance programme to support his current regulatory requirements. The management team realised they could not handle all the relevant regulatory requirements on their own and needed structured MAS compliance services to develop the compliance programme and provide ongoing management support.
Action: Wrote a detailed MAS compliance assessment for the fund manager’s licence type, created a full-fledged compliance programme with all the necessary policies, procedures and controls, and drafted a compliance monitoring calendar, which is consistent with regulatory reporting requirements for the entity. The ongoing MAS compliance management support was implemented on a retainer model, including quarterly compliance reviews, regulatory reporting support, and proactive regulatory change advisory.
Outcome: The fund manager was provided with a fully documented, operationally effective compliance programme during the first period of licensed operation that complied with their regulatory requirements. The ongoing retainer provided the management team with the necessary and expert assistance and guidance on Singapore MAS compliance, including regular compliance reporting and monitoring. It ensured that the programme remained up to date with developments in the regulatory landscape.
Situation: An independent payment service provider with a Singaporean regulatory licence that was moving towards its first regulatory inspection, but needed an independent assessment of its compliance programme to identify and mitigate any gaps before the regulatory inspection. The programme was designed and implemented by the entity’s own compliance team, which had not conducted a third party compliance audit and the management team required an independent MAS compliance audit to validate the programme.
Action: We carried out an independent audit of certain aspects of the payment service provider’s compliance programme, covering: anti-money laundering programme, countering the financing of terrorism programme, transaction monitoring controls, customer due diligence procedures, regulatory reporting records, and compliance governance arrangements. Every area was evaluated against the relevant regulations and a structured audit report produced with prioritised recommendations and agreed remediation actions.
Outcome: The audit identified a positive list of recommendations for the entity to improve its compliance programme, to be implemented sequentially before the regulator’s inspection. The structured audit report and remediation plan provided the management team with a clear, actionable path forward for programme improvements. At the same time, the entity entered the regulatory inspection with a documented, independently validated compliance plan in place.
What Clients Receive
Each MAS compliance engagement produces a specific portfolio of outputs that depends on the entity’s regulatory system, licence type, and the maturity of the compliance programme. Typical outcomes of our compliance services in Singapore are:
- A compliance programme assessment report that lists gaps of applicable regulatory requirements and ranked by regulatory risk and significance, with recommendations for prioritising programme enhancements.
- Compliance programme documentation package containing compliance policies, procedures, and controls relevant to the entity's type of licence and the regulated activities it conducts in Singapore.
- An AML/CFT programme document that sets out the measures for customer due diligence, transaction monitoring, reporting of suspicious transactions and compliance governance in accordance with relevant requirements.
- A compliance monitoring calendar and testing framework outlining the timeline and approach to continuous compliance monitoring, periodic control testing and regular compliance reviews of key compliance programme elements.
- Independent MAS compliance audit reports which include the effectiveness of the compliance programme, findings against applicable regulatory requirements, prioritised recommendations with agreed remediation timelines.
- Regulatory reporting templates and submission records that provide the entity with structured, documented tools for managing all regulatory reporting requirements, undertaken periodically and as part of events.
- Training materials for staff on the essential elements of the regulatory framework applicable to the entity, compliance policies and procedures, and the compliance duty of relevant staff throughout the entity.
- Continuous trusted MAS compliance provider advisory assistance with respect to tracking regulatory changes, compliance programme updates, audit support, managing regulatory enquiries and any other compliance issues that might arise during the entity's license period.
Frequently Asked Questions
Q1. What are MAS compliance services and why are they important?
MAS compliance services in Singapore provide support to regulated entities to help them achieve compliance with the relevant financial regulatory framework, including guidance, implementation, monitoring, and audit. They are important because if a regulated entity is unable to maintain effective and up-to-date compliance programmes, they risk regulatory action, financial penalties, reputational damage, and, in serious instances, the loss of their licence. Regulated entities can benefit from professional MAS compliance consultants to reliably and effectively handle their compliance obligations by gaining the expertise, structure, and independent assurance they need.
Q2. Which regulated entities need MAS compliance services in Singapore?
The compliance services provided by MAS are relevant to all entities with a regulatory licence or registration in Singapore, such as fund managers licensed under the Capital Markets Services License, RFMC, VCFM or LFMC regimes, Standard Payment Institution and Major Payment Institution licensed entities, licensed financial advisers, banks and other deposit taking institutions. Depending on the type of licence, there are certain compliance obligations, and all regulated entities are expected to have a compliance programme, proportionate to the nature and scale of their licensed activities.
Q3. What does a comprehensive MAS compliance programme include?
A robust MAS compliance programme for a regulated entity in Singapore would generally comprise of documented compliance policies and procedures specific to the type of licence and regulated activities, an AML/CFT programme, risk management and conduct frameworks, reporting regimes to MAS, a compliance monitoring and testing calendar, complaints handling regimes, staff training regimes, and a governance framework which clearly assigns the responsibilities for compliance monitoring and oversight at management and board level.
Q4. What is a MAS compliance audit and when should one be conducted?
A MAS compliance audit is an objective, systematic evaluation of the compliance programme of a regulated entity to determine whether policies and procedures are sufficient, whether compliance with the controls is in place, and whether the compliance programme is overall compliant with the regulatory requirements. A compliance audit should be carried out on a regular basis as part of a compliance management system and is helpful before a regulatory inspection, after major business changes, or when internal compliance resources do not have the capacity or specialist expertise to objectively self-assess.
Q5. How often should a regulated entity review its MAS compliance programme?
A regulated entity’s compliance programme shall be reviewed at least annually and more frequently when there are significant changes in the entity’s risk profile, the regulatory framework or the regulated entity’s business. Compliance monitoring should be carried out throughout the year, and control testing should be performed periodically as part of the entity’s normal compliance management procedures, with a more detailed programme review at regular intervals of one year. We offer structured, ongoing compliance assistance throughout the year through our MAS compliance management services.
Q6. What anti-money laundering obligations apply to regulated entities in Singapore?
Singapore’s regulated entities must have an effective AML/CFT programme that includes customer due diligence, enhanced due diligence for high-risk customers and relationships, continuous transaction monitoring, suspicious transaction reporting, staff training, and high-level management oversight. Our MAS compliance advisory firm services include anti-money laundering programme design and review, tailored to each type of regulated entity based on its specific requirements, which depend on its licence type and regulated activities.
Q7. Can you provide ongoing MAS compliance management on a retainer basis?
Yes. Our current MAS compliance management services are available on a retainer basis, where regulated entities can avail of continuous, expert Singapore MAS compliance services across all aspects of their compliance requirements throughout the licence period. Retainer arrangements are flexible and tailored to individual needs. They will include the frequency and scope of compliance reviews, the extent of regulatory reporting support, the level of proactive regulatory change advisory, and any other ongoing compliance management work the entity may require.
Q8. What happens if a regulated entity identifies a compliance breach or deficiency?
Where a regulated entity discovers a compliance breach or deficiency, it must promptly assess the nature and significance of the breach or deficiency, put in place a remediation plan, and notify the relevant regulatory authority if required under the relevant notification requirements. Our Singapore MAS compliance support encompasses breach assessment, remediation planning, and regulatory notification management, all of which enable the entity to address compliance issues in a structured, timely and appropriate manner that will limit regulatory and reputational risks.
Q9. How do regulatory changes affect an entity's MAS compliance obligations?
Regulatory changes can affect regulated entities and their compliance requirements, including the adoption of new requirements, updates to current guidance, changes to the nature or frequency of reporting, and regulatory expectations and priorities. It is expected that regulated entities should be keeping abreast of relevant regulatory developments and adjusting their compliance programmes as appropriate, timely. Our trusted MAS compliance provider services include proactive monitoring and advisory on regulatory changes, ensuring our clients are well-informed and well-prepared for any changes that impact compliance obligations.
Q10. How do I engage your MAS compliance services in Singapore?
Give us a call to arrange your initial consultation, where we will discuss your licence type, your existing compliance programme, the compliance issues you are currently experiencing, and outline the most appropriate scope of MAS compliance services for your situation. We will offer you a clear, practical plan for compliance advisory and support services, providing a good starting point for discussion with our MAS-compliance advisory company and helping you enhance your compliance programme in Singapore.
Discuss Your MAS Compliance Requirement
If you’re looking to create a new compliance programme, audit your own compliance programme, handle a regulatory enquiry or a compliance deficiency, or need trusted and experienced support with all facets of your financial regulatory compliance obligations, our MAS compliance consultants in Singapore are ready to help. Please reach out to us to understand your specific needs and receive clear, practical advice on how to optimally enhance and sustain your compliance programme during your licensed operation in Singapore.
