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Compliance in Asian Wealth Management Forum 2020 - Exclusive Insights - Christina McNamara - IHS Markit - 1

Christina McNamara of IHS Markit

Jan 24, 2020

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1. CRS Pre-Audit Preparation: what are the top 5 things that all Singapore Financial Institutions need to do before their first formal IRAS CRS audit assessment?

Video transcript

1. CRS Pre-Audit Preparation: what are the top 5 things that all Singapore Financial Institutions need to do before their first formal IRAS CRS audit assessment?

It shouldn't be a surprise to Singapore institutions with the release of the guidance from IRAS and the intent for audit; we knew we'd always be in a state at some point of regular auditing around FATCA, CRS compliance. Some of the things that can be done now is, one - making sure institutions have the basics. You have processes, procedures, controls, and systems in place that you're actually compliant. Another thing is regular training, especially when it comes to frontline staff who are dealing with these clients every day, making the decisions on who to onboard and what to invest in, making sure there's regular trainings, and then also having internal checks and external checks. It will be the expectation of IRAS locally that institutions are taking the initiative to have regular audits and reviews.

 

 
 
 

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