What are the opportunities and challenges for the year ahead - Tan Woon Hum

Woon Hum Tan of Shook Lin & Bok

Feb 5, 2019

Tan Woon Hum, Partner, Head of Trust, Asset & Wealth Management Practice at Shook Lin & Bok discussed the compliance opportunities and challenges for the year.

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1. What are the opportunities and challenges for the year ahead?

Video transcript

1. What are the opportunities and challenges for the year ahead?

Apart from common reporting standards, I would think crossborder sales is something that the government would be looking at because increasingly not just talent but wealth is mobile, is going through borders in a very, very seamless manner and it’s going through the internet, it’s going through crypto. So I think the regulators are talking and they’re trying to look at things like digital tokens, digital currency, and other forms of transfer. So that’s something that would be looked at very carefully. The other thing would be EAMs and unfortunately, I think our local regulators have actually said that they look at EAM as something of a high-risk bucket. So rightly or wrongly, they’re paying closer attention to EAM to see the compliance weaknesses, the AML weaknesses and how EAM can be a bit more robust and sustainable.

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