Advised a global social trading & multi-asset brokerage firm

We are delighted to have supported a global social trading and multi-asset brokerage company, that is applying for Capital Market Service License (CMSL) and to be a major payment institution license holder in Singapore 

Our Business Risk team performed a gap analysis review of policies and procedures against all relevant MAS Notices, rules and regulations and guidelines with proposed recommendations to mitigate the identified gaps:

• Information Technology (IT) related processes, including business continuity management, technology risk management and cyber hygiene
• Business and operations related processes, including:
  • Licensing and business conduct
  • Customer suitability assessment
  • Anti-money laundering, or combating the financing of terrorism
  • Trading and trade operations
  • Risk management
  • Corporate governance
  • Individual accountability and conduct
  • Fit and proper
  • Personal Data Protection Act.

Value added

During the gap analysis reviews and ongoing periodic discussions, our Business Risk team provided the client with insights for both IT as well as business and operations related processes. The team shared their experiences and suggested best practices, as well as how oter clients in the same industry are managing key areas. 

The team was very responsive towards the client’s requests, attributing to their satisfaction in the service, knowledge, experience and expertise that the team brought to them. In addition, the team received positive feedback on being timely in their responses to any ad hoc clarifications as well as the successful delivery of the gap analysis reviews.