Compliance Checklist for Asset Managers in APAC

Regulatory bodies globally are stepping up their monitoring, and even enforcement, of regulatory compliance within financial institutions. In the first half of 2024 alone, there has been noticeable renewed scrutiny within the funds industry, with particular focus on investment and asset management firms.

The stringent requirements set forth by regulatory bodies such as the Monetary Authority of Singapore (MAS), the Hong Kong Monetary Authority (HKMA), the Japan Financial Services Agency (JFSA) and the Australian Transaction Reports and Analysis Centre (AUSTRAC) demand meticulous due diligence, robust monitoring systems and comprehensive reporting mechanisms. To satisfy these regulators, asset management firms must address key requirements under various AML regulations and directives.

Despite significant advancements in regulatory technology and compliance practices, asset management firms continue to struggle with meeting the requirements set forth by regulators.

This checklist will help asset managers ensure that their programs meet regulatory standards and can effectively combat financial crimes.