MAS Compliance Services

How Long Does the MAS Compliance Process Take in Singapore?

The time it takes for a MAS (Monetary Authority of Singapore) compliance audit support by a Preset-up Fund advisory can vary depending on various factors. The complexity of the fund structure, the size of the organization, the scope of the audit, and the level of preparedness of the organization can all impact the timeline for the audit.

Here are Steps to Comply with MAS Audit Requirements:

• Review : Usually, the audit support involves several stages, including a review of the fund’s compliance policies and procedures, an assessment of the fund’s risk management processes, and the fund’s operations.
• Depends : The duration of each stage of the audit depends on the size and how complex the fund is, and the level of detail required by the auditors. For smaller funds with relatively straightforward operations, the audit process may take several weeks to a few months. For larger funds with complex structures and operations, the audit process may take several months or even a year.
• Cooperation : Do note that the length of the audit process can also depend on the level of cooperation and responsiveness of the fund’s management and staff during the audit. A well-prepared organization with good compliance processes and documentation can help expedite the audit process.
• Lack of preparedness : On the other hand, an unprepared organization where documentation is scattered and information is not forthright may experience delays or require additional audit procedures.

In short, the process of MAS compliance audit support by a Fund Advisory takes several weeks to several months. This depends on the complexity of the fund and the level of its preparedness.

Step-byStep MAS Compliance Roadmap for New Entities

Here’s a Step-by-Step MAS Compliance Roadmap for new financial entities in Singapore looking to secure and maintain regulatory approval from the Monetary Authority of Singapore (MAS):

1. Determine the Appropriate License

Identify the type of MAS licence required based on your business activities:  

• – CMS Licence for fund managers and capital markets activities  
• – RFMC for small-scale fund management  
• – FAL for financial advisory services

2. Conduct Pre-Licensing Assessment

Engage a compliance advisor to:

• – Assess eligibility and business model 
• – Review corporate structure and shareholding 
• – Draft internal compliance policies and AML/CFT framework

3. Prepare and Submit License Application

• – Submit application via MAS portal with required documentation: business plan, compliance manuals, risk assessment framework, and key personnel details  
• – Pay applicable application fees

4. Set Up Internal Compliance Infrastructure

• – Appoint compliance officer(s)  
• – Implement AML/CFT policies, risk management, and internal controls  
• – Train staff on regulatory responsibilities

5. Post-Licensing Compliace

• – File periodic reports and annual declarations  
• – Maintain records, perform KYC checks, and conduct internal audits  
• – Stay updated on MAS circulars and regulatory changes

6. Ongoing Monitoring & Updates

• – Review policies annually  
• – Update MAS on material business changes  
• – Prepare for inspections or thematic review

Ongoing MAS Compliance Obligation Explained

Once licensed by the Monetary Authority of Singapore (MAS), financial institutions must adhere to ongoing compliance obligations to maintain regulatory approval and operate legally. These obligations ensure transparency, investor protection, and market stability.

Key requirements include:

• – Regulatory Filings: Entities must submit periodic reports, including annual audited financial statements, business conduct reports, and compliance declarations.
• – AML/CFT Compliance: Institutions must implement robust Anti-Money Laundering (AML) and Countering the Financing of Terrorism (CFT)  policies, including customer due diligence (KYC), transaction monitoring, and suspicious activity reporting.
• – Internal Controls and Governance: Maintain clear internal policies, risk management frameworks, and independent compliance functions. Regular internal audits and board oversight are expected.
• – Staff Training: Employees must be trained on MAS regulations, risk controls, and ethical practices. Appointed representatives must meet continuing professional development (CPD) requirements.
• – Notifications to MAS: Material changes such as changes in key personnel, ownership, or business scope must be promptly reported.

Failing to meet these obligations can result in penalties, suspension, or revocation of the license. Engaging professional compliance services helps ensure that all requirements are consistently met.

Preparing for a MAS Audit: What Your Company Needs to Know

If a company wishes to be assisted by a Pre-Set-Up Fund Advisory professional for its MAS audit, it can do several things prepared :

• Review the regulatory requirements : The company should ensure they are familiar with the relevant regulatory requirements for their business activities. They should also review any guidance or notices issued by MAS that may be relevant to their operations.
• Conduct a self-assessment : This will help them identify gaps or deficiencies in their compliance and take corrective action before the audit.
• Prepare documentation : It should prepare all necessary documentation. which may include policies and procedures, risk assessments, and compliance reports.
• Review internal controls : They should review their internal controls to check if they are effective in detecting and preventing regulatory breaches, and ensure any deficiencies in their internal controls are addressed.
• Coordinate with the Fund Advisory professionals : The company should work closely with the fund advisory professionals to ensure they have a working understanding of the company’s operations and compliance status. The advisory professionals can help identify potential non-compliance and provide guidance on addressing them.
• Conduct mock audits : This tests their readiness for the actual audit. In addition, it helps identify any weaknesses in their preparation and allows them to address them before the audit.

A company can thus ensure its well prepared for its MAS audit with the assistance of pre-set-up fund advisory professionals.