Advanced Certificate in Regulatory and Financial Crime Compliance: Identify a specific MAS regulatory requirement (e.g., the requirement to report suspicion, rather than the whole of MAS 626), for a firm in a regulated financial services sector (e.g., banking, capital markets, insurance) with which you are familiar.

Module / Subject / School:

Advanced Certificate in Regulatory and Financial Crime Compliance

Requirements: 

Identify a specific MAS regulatory requirement (e.g., the requirement to report suspicion, rather than the whole of MAS 626), for a firm in a regulated financial services sector (e.g., banking, capital markets, insurance) with which you are familiar. State the type of firm you are referring to (banking, insurance, capital markets, etc.) and then produce a note for the head of compliance which:

• highlights the objective

• identifies the business unit(s)/activity(ies) it primarily affects

• comments on the measures that need to be taken to fulfil this requirement.

(6 marks) (circa 200 words)

What we score:

77%

Our Writer’s Comment 

This assignment is designed to assess students’ understanding of business practices.

To secure an A+ grade, adhere to these guidelines and make sure your work aligns with the grading criteria:

1. Identify a Specific MAS Regulatory Requirement

Start by selecting a specific Monetary Authority of Singapore (MAS) regulatory requirement that is relevant to a firm in a regulated financial services sector, such as banking, insurance, or capital markets. For instance, you could choose the MAS requirement to report suspicious transactions (but not the entirety of MAS 626). Make sure the requirement you choose is one you’re familiar with, so you can discuss it confidently.

2. State the Type of Firm

Clearly state the type of firm you’re referring to—whether it’s a bank, an insurance company, or a capital markets firm. This context is essential as it helps the head of compliance understand the relevance of the regulatory requirement to the specific business environment.

3. Highlight the Objective

In your note, begin by explaining the objective of the regulatory requirement. Why does MAS require this? For example, if you’re discussing the requirement to report suspicious transactions, explain that the objective is to prevent and detect money laundering and other financial crimes. This sets the stage for understanding the importance of compliance.

4. Identify the Affected Business Units/Activities

Next, identify which business units or activities within the firm are primarily affected by this requirement. For instance, if you’re focusing on the banking sector, the transaction monitoring unit or the anti-money laundering (AML) department would be key areas impacted. This part of your note should make it clear which parts of the firm need to be especially vigilant about compliance.

5. Comment on Necessary Measures

Finally, discuss the measures that the firm needs to take to comply with the requirement. This could include implementing stricter transaction monitoring systems, regular staff training on AML protocols, or ensuring that reporting processes are in place and followed. Be concise but specific—mention what actions should be taken to align with the regulatory requirement.

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