What do the recent regulatory changes in Singapore mean for locally based IAMs? - Rolf Haudenschild

Rolf Haudenschild, Co-Founder, Head of Regulatory & Risk Services at Ingenia Consultants discusses what the recent regulatory changes in Singapore mean for locally based IAMs.

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1. What do the recent regulatory changes in Singapore mean for locally based IAMs?

Video transcript

1. What do the recent regulatory changes in Singapore mean for locally based IAMs?

Overall, once again, it is going to be an increase in compliance and in the dedication, you need to have to compliance. The AML implementation, the more stringent implementation, reviews inspections by MAS means you really need to up your game on it on a general risk assessment but also on how detailed your work. They highlight things like expired passports, so you need to be not only up to scratch but you really need to have every single detail under control now. From the general risk assessment board supervision all the way to the small nitty-gritty details. An accredited investor often may be a business challenge for the IAMs because they need to convince their clients that the accredited investor’s state really provides them with additional benefit. It’s not only a burden, it doesn’t only make it easier for the IAM but it actually is to the benefit of the client as well. Having it properly rolled out, it should not be that much of a challenge. Finally, to round it up, there is the MAS expectation that you need to have proper frameworks, so you need to work on your frameworks. Once again, that goes into senior management board, I guess they will have their hands full with compliance issues this year and really need to make sure that everything is in place and properly in place.

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