Wealth Management Regulatory Compliance

The programme will explore the Singapore’s regulatory and legal frameworks that govern the Financial Advisory practices in Singapore pertaining to Customer Due Diligence and Balanced Scorecard (BSC).

Financial Professionals will be reminded on specific FAA/SFA regulations which they need to demonstrate competency and observe in their professional services.

To reinforce, retain and transfer the knowledge to workplace, real cases will be discussed to show the repercussions of breaching these frameworks.

Outline:

• Customer Due Diligence
• Identify the laws and regulations applicable to Singapore
• Money Laundering and Terrorist Financing
• Foreign Account Tax Act (FATCA)
• Common Reporting Standards (CRS)
• Customer Due Diligence (CDD) & Enhance Due Diligence (EDD)
• Politically Exposed Persons
• Source of Wealth, Source of Funds and Source of Income
• Consequences of non- compliance and penalties for offenses
• MAS Balanced Scorecard (BSC)
• Components of BSC Framework
• Fair Dealing Outcomes
• The Trust Equation
• Key Stakeholders
• Non-sales KPI and Classification of Infractions
• Understanding the mandated duration of record-keeping, maintenance register, and submission of reports
• Pre and Post-transaction checks, Mystery Shopping, and substantiated complaints
• Staff gradings and remunerations according to grades