Managing the costs of compliance in Singapore

SINGAPORE'S status as a premier financial hub places it at the crossroads of increasing capital flows between developed economies and re-emergent markets. While fund managers seek to ride this wave of opportunity, it is important to manage the costs of compliance and balance it with regulatory requirements and expectations of the Monetary Authority of Singapore (MAS) to protect the reputation of our Little Red Dot as a preferred financial investment destination.

As the preeminent financial hub in South-east Asia, Singapore is uniquely positioned to be a safe haven of political stability and economic prosperity. This has been achieved through a risk-based approach towards governance and incorporating global regulations as domestic benchmarks.

There is a saying that "the only thing that is constant is change". The unprecedented global trend in tighter regulations and more intensive compliance oversight will be the new norm for financial institutions (FIs) as regulators seek to fine-tune their regulatory tools to address emerging risks in the global and local marketplace.