Compliance Regulations and Guidance Affecting your Industry

Monetary Authority of Singapore (MAS) introduced these guidelines on risk management practices for an institution’s board of directors and senior management. The board of directors and senior management play pivotal roles in ensuring a sound risk management culture and environment. These guidelines are applicable to all financial institutions.

Malaysia introduced these guidelines with the aim of maintaining sound governance and operational arrangements in Money Services Businesses (MSB) as well as strengthening consumer protection. All licensees should ensure compliance with these 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.

The Monetary Authority of Singapore published its Internet Banking and Technology Risk Management guidelines in June 2008.

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.

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”.

SEC investigation report into inappropriate use of Facebook by Reed Hastings, Netflix CEO, to disclose company information and announcement approving use of social media for disclosures.

The Monetary Authority of Singapore published its Internet Banking and Technology Risk Management guidelines in June 2008.

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.

The Malaysian Code on Corporate Governance 2012 (MCCG 2012) focuses on strengthening board structure and composition as well as recognizing the role of directors as active and responsible fiduciaries. The MCCG 2012 supersedes the 2007 Code. It sets out eight broad principles and 26 specific recommendations on structures and processes which companies should adopt in making good corporate governance an integral part of their business dealings and culture.

Malaysia’s Guidelines on Anti-Money Laundering was drawn up in accordance with the Anti-Money Laundering and Anti-Terrorism Financing Act 2001 (AMLATFA).

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.

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

These Guidelines are intended to be used by any Western Australian Government Agency that is in the process of or intending to develop effective Business Continuity Management processes.

Guidelines on assessing a bank's internal capital adequacy, released by the Reserve Bank of New Zealand.

Application requirements for New Zealand banks looking to implement Basel II internal models approaches.

This document sets out guidelines issued under section 78(3) of the Reserve Bank of New Zealand Act 1989 (‘the Act’) on anti-money laundering.

Risk management guidelines issued by Monetary Authority of Singapore addressing insurance fraud for the insurance businesses in the country.

Capital Adequacy Guidelines as required by Basel III Accord for Malaysian banks and financial institutions.