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What are various MAS compliance services?

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Regular Compliance

Compliance Service providers can offer external business compliance to financial companies and assist in all compliances activities of the company on continuous basis. This includes day to day compliance, monthly compliances, quarterly companies and annual compliances.

Review of Compliance Programs

MAS requires that every financial company include a stable compliance arrangement suitable for their daily operations. Compliance review refers to analyzing a structure and determining if it is impacting your business positively

Compliance advisory

This service includes offering advice to different compliance issues that you may be facing. Also, MAS is quite famous for upgrading its advisory notices. With a reliable compliance service provider like ours, you will get updates immediately after their release since we keep track of MAS updates daily.

Filling of MAS application forms

Most MAS licenses require annual updates; hence, you need to fill in the necessary information. The process is quite challenging; therefore, a professional is the best option. Note that you must ensure that the compliance service provider you settle for is reliable.

What are compliance services?

Compliance services refer to the process of ensuring that your company follows the internal and external regulatory framework set up by the company or various governmental organizations. In Singapore, business compliance plays a pivotal role in business performance as the monetary authority of Singapore requires that companies maintain a stable compliance program. Also, a compliance expert is necessary to handle things in this sector.

Who needs compliance services?

After licensing is approved by MAS, some follow-ups come up as you run your financial business. One of the issues includes business compliance. Therefore, every financial company under the MAS needs to enroll in a stable compliance program.

How can we help you with compliance?

As mentioned above, compliance services are an important sector of every business, especially in the financial industry. However, suppose your business is small, the probability of maintaining an independent compliance arrangement is almost zero. As a result, compliance service providers like our websites are ready to offer compliance services. We have a team of experts who have the talent and experience to handle most of the compliance issues. Check us out today and gain access to one of the best compliance service providers to make your business compliance bigger and better.

How Long Would the Process Take?

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.
  • 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.

How Can a Company Prepare for MAS Audit?

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.

What Are Examples of Regulatory Governmental Organizations?

Singapore has a number of regulatory governmental organizations that are responsible for overseeing various sectors of the economy and ensuring compliance with relevant laws and regulations. Here are some examples :
  • Monetary Authority of Singapore : The MAS is the central bank of Singapore and financial regulator, responsible for stabilizing the financial system and promoting sound monetary policies. The MAS oversees banks, insurers, securities firms, and other financial institutions, and sets and enforces regulations on issues such as capital adequacy, risk management, and anti-money laundering.
  • Accounting and Corporate Regulatory Authority (ACRA) : ACRA is the national regulator of business entities and public accountants in Singapore. It is responsible for overseeing the registration and regulation of businesses and companies in Singapore, as well as enforcing the Companies Act, Limited Liability Partnerships Act, and other related laws and regulations.
  • Infocomm Media Development Authority (IMDA) : The IMDA regulates and promotes the development of the infocomm and media sectors in Singapore. It oversees issues such as telecommunications, and broadcasting, offers guidance on cybersecurity, and promotes innovation and growth in areas such as artificial intelligence and digital transformation.
  • Health Sciences Authority (HSA) : The HSA regulates health products, including drugs, medical devices, and cosmetics, in Singapore. It sets and enforces safety and quality standards for these products, and ensures that they are safe and effective for use by consumers.
  • Land Transport Authority (LTA) : The LTA is responsible for planning, operating, and regulating Singapore’s land transport system, including roads, public transportation, and taxis. It sets and enforces regulations on issues such as vehicle safety and emissions, and works to promote sustainable and efficient transport solutions.

These regulatory governmental organizations are vital in ensuring the stability, safety, and growth of Singapore’s economy and society. They help to create a favorable business environment and ensure that Singapore remains a competitive and thriving economy.


FAQs about Singapore MAS Compliance Services

Business compliance is a critical area that ensures that the management and the employees meet the external and internal compliance programs.

The MAS compliance policy is among the top documents you must have when running a financial company in Singapore; thus, it is crucial. You must include a compliance arrangement where you submit a compliance audit to MAS for review.

Every financial business regulated under the Monetary Authority of Singapore must have a business compliance policy

This process refers to the act of giving permits to financial businesses under the MAS. There are different types of licenses in MAS depending on the operations. Also, each license features various requirements that applicants must meet.

Every financial enterprise in Singapore must have a stable compliance arrangement that ensures that its staff and management follow the regulatory framework. The requirements vary depending on the type of license. In some cases, an applicant must ensure that they have an independent compliance program, while some licenses allow you to use external compliance service providers like us.

Under the Monetary Authority of Singapore, the country is quite strict with the setup rules; hence companies that don’t abide to these rules have to face severe punishments. Some of these penalties include imprisonment, heavy fines, restrictive punishment, closure of business etc. As a result, financial companies must have a stable business compliance arrangement to avoid such punishments.

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