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Compliance in Asian Wealth Management Forum 2020 - Highlights - Christina McNamara - IHS Markit

Christina McNamara of IHS Markit

Jan 24, 2020

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1. What are the opportunities and challenges for this industry in the year ahead?

Video transcript

1. What are the opportunities and challenges for this industry in the year ahead?

Well, looking forward at the next year ahead, some of the main challenges I think we'll see is the increased regulation and scrutiny, specifically around the OECD initiatives; CRS, the Common Reporting Standard, has been around now for two and a half years, but what we have seen is the OECD making continuous strides to strengthen the regulation, identify gaps, and increase what wealth managers are going to have to do from a due diligence as well as reporting perspective. If you look at the citizenship-by-investment and residence-by-investment scheme requirement that has been rolled out in Singapore, that places additional burden on the due diligence as far as source of wealth, as well as tax residency in different schemes, investors may be taking advantage of, as well as the mandatory disclosure rules, which hasn't hit Asia yet, but we will see that as a trickle down effect from the EU directive.

 

 
 

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