Compliance Resources to Help you Stay Current

The Monetary Authority of Singapore published its Internet Banking and Technology Risk Management guidelines in June 2008. This article provides an overview of the risk management framework that the guidelines require financial institutions to follow.

Malaysia implemented these guidelines with the objectives of promoting sound product risk management practices, to enhance consumer protection and to assign greater flexibility for financial institutions to respond to changing market conditions. This article provides a brief overview of the regulatory requirements included in the guidelines.

Bank Negara Malaysia (BNM) implemented stress testing guidelines for banks in the country in 2007. These guidelines emphasize the importance of stress testing as a risk management tool. This article provides an overview of the requirements included in the guidelines.

Malaysia released these guidelines to help clearly set out the role and responsibility of the board of directors of Islamic banks in appointing external auditors. The guidelines apply to all Islamic banks licensed under the Islamic Banking Act (IBA). They supersede the circular dated 8 August 2003, titled “Pelantikan Juruaudit Luar menurut Seksyen 17 Akta Bank Islam 1983”. This article provides a brief overview of the regulatory requirements included in the guidelines.

Agent banking is the use of non-bank retail outlets by financial institutions (FIs) to deliver financial services on its behalf, particularly to the underserved in a more cost-efficient manner. Malaysia introduced these guidelines with the objectives of facilitating implementation of agent banking in unserved areas, in a reliable, safe and sustainable manner whilst safeguarding consumer interest and confidentiality.

This article provides a brief overview of the regulatory requirements provided in the guidelines.
 

The Monetary Authority of Singapore published its Internet Banking and Technology Risk Management guidelines in June 2008. This article provides an overview of the security and control objectives that the guidelines detail.

The Monetary Authority of Singapore published its Business Continuity Management guidelines in 2003. These guidelines consist of sound BCM principles that businesses should adopt in order to ensure business recovery and preparedness in case of any disruption to their operations.

In September 2012, the Australian Prudential Regulation Authority (APRA) released guidelines to assist APRI regulated institutions/authorised deposit-taking institutions in complying with prudential requirements and to provide guidance on APRA’s view of good practice. This article gives a brief overview of the guidelines' requirements.

Malaysia’s Guidelines on Anti-Money Laundering was drawn up in accordance with the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA). This article gives a brief overview of the requirements.

The Guidelines address requirements on the application of financial reporting standards and information to be disclosed in the financial statements of banking institutions. Compliance with IFRS has been mandatory in Malaysia since January 1, 2012 for interim and annual financial statements and reports. This article provides a brief overview of its requirements.

The Australian Prudential Regulatory Authority (APRA) Prudential Standard APS 520 Fit and Proper aims to:

• strengthen protection for depositors / policy- holders against risks involved in regulated institutions
• enhance the caliber of those charged with running APRA-regulated institutions
• establish a minimum benchmark for acceptable practice in the appointment of responsible persons /auditors

This article provides a brief overview of the regulatory requirements demanded by this standard.
 

The Australian Prudential Regulation Authority (APRA) has issued Prudential Standard APS 510 Governance, which sets out minimum foundations for good governance of regulated financial institutions. It also defines the respective roles, responsibilities and authorities of the Board and of Management in setting the direction, management and control of the organisation. These standards influence how the objectives of the company are set and achieved, how risk is monitored and assessed, and how performance is optimized. This article provides an overview of the requirements included in the standard.

The Monetary Authority of Singapore (MAS) released these risk management guidelines to provide guidance on best practices to follow with respect to credit risk. Financial institutions can utilize these guidelines for credit extension but banks may apply them to both trading and banking books. This article provides an overview and summary of requirements included in the guidelines.

The Monetary Authority of Singapore (MAS) published these Risk Management Guidelines on Market Risk in February 2006. They are aimed at helping financial institutions better cope with the risks inherent in market exposure. This article provides an overview and summary of requirements included in the guidelines.

The Hong Kong Corporate Governance code was published by the Stock Exchange of Hong Kong. The code was revised in 2012 and this article gives a brief overview and summary of requirements included in the code.

The Monetary Authority of Singapore’s Risk Management Practices Guidelines dealing with internal controls makes it clear that a financial institution’s Board and senior management must establish processes, policies and procedures ensure its compliance with regulatory requirements. These policies and processes should also make sure that the institution’s operations are effective and compliant.

The new draft EU regulation on information accompanying transfer of funds was published in February 2012. It provides information about rules to be followed by the payer and the payee involved in transfers of funds so as to detect and deter crimes money laundering and terrorist financing. The new regulation is based to a large extent on the recommendations made by the Financial Action Task Force (FATF) and aims to improve traceability of payments and to ensure that the EU framework remains fully compliant with international standards.

The new draft EU Directive published in February 2013 aims to improve the EU's existing rules on anti-money laundering and reinforce vigilance by covered entities so as to deter crimes and corruption. The Directive also considers the recommendations of the Financial Action Task Force (FATF), the world anti-money laundering body, and follows rules sanctioned by competent authorities.

New Zealand established these risk management program requirements for non-bank deposit takers under 157M of the Reserve Bank Act 1989. This article gives an overview and summary of its key requirements.

The Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (AML/CFT Act) in New Zealand requires that organizations carry out customer due diligence on anonymous accounts, collect relevant customer data and further streamline annual reporting requirements so as to deter such crimes. It applies to financial institutions, casinos and any other person required by any other Act to comply with the legislation.