Advised a global investment institution

We are delighted to have supported a global investment institution with wealth and asset management capabilities

Our Business Risk team assessed the implemented remediation actions that the company has committed to MAS, in relation to the observations raised by MAS in the audit inspection report and highlight any gaps on the implemented committed MAS remediation actions:

• Examining and assessing the current processes (including policies and procedures) to the relevant or applicable MAS rules regulations, guidelines, and notices
• Performing evaluation of the design and testing operating effectiveness of controls (including use of data analytics, where applicable) for in-scope entity and processes
• Delivering final report that details findings and recommendations, management action plans and any opportunities for improvements
• Conducting trainings for key stakeholders and senior management team on MAS regulatory topics, including industry best practices, challenges and common pitfalls

Value added

As part of the MAS remediation review, the Business Risk team was able to identify several gaps over the remediation actions implemented against the client's committed actions to MAS, as well as the corresponding regulatory requirements and expectations from MAS. In addition, the team also provided insights on industry leading practices over the AML/CFT framework and controls which are relevant to the gaps identified. 
 
This enabled the client to enhance their existing processes and controls as they better understand the existing gaps identified by MAS against corresponding controls put in place by other financial Institutions to meet the MAS AML regulatory requirements.