Compliance in Asian Wealth Management Forum 2017Post Event Report

19 January I Westin Hotel I Singapore

Link to Event View Photos

“I very much like the annual platform that Hubbis offers to compliance professionals. This has gained a lot of traction. Hubbis makes an important contribution in allowing compliance professionals to network in a full-day event. Growing every year, the Compliance Forum is the most established industry gathering [of its type].”Stefan Kuhn, Head of Compliance, Private Banking, South-east Asia, Credit Suisse

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SummaryOur 5th annual event for the compliance community in Asian wealth management was an important and timely gathering of 300-plus senior practitioners across all segments of the industry.

Intense regulatory scrutiny and complexity is the new norm in Asian private banking and wealth management. In the wake of various challenges stemming from tax-related initiatives, scandals like 1MDB and control failings like those at BSI, Falcon Private Bank and others – organisations of all types and sizes are grappling with how to stay compliant, yet in way which also ensures their business remains viable.

This is not only due to the volume and complexity of the rules themselves. The subsequent challenges in terms of implementing new processes, systems and people, for instance, are impacting the business from the perspective of the required time, resources and investment to stay compliant.

Such an outcome is perhaps inevitable, given that regulations have piled-up year after year since 2008.

The Common Reporting Standard (CRS) and Automatic Exchange of Information (AEOI), in particular, are top of mind for many practitioners, with AML and KYC important concerns too. This is not only from the angle of institutions understanding their obligations and implementing the right framework – but also in getting clients to co-operate and share the required information to enable firms to report properly on CRS.

In line with this, encouraging relationship managers and client advisers to ‘live’ KYC/AML and related requirements – rather than need to be forced to follow them – is a key goal for many senior management and heads of compliance.

There are ever-louder calls from within the industry for the focus to be on formulating more practical and operationally-feasible regulations. There are various other potential solutions. Standardisation coupled with IT solutions can alleviate certain aspects of the burden and the need for more headcount. As can greater collaboration across the organisation, along with a greater effort by front-line staff to play their part as the ‘first line of defence’.

There is also growing belief among industry insiders that compliance needs to evolve. It should no longer be a departmental function, but rather an attitude, a culture, a mind-set.

Against the backdrop of the compliance burden, practitioners say they expect to continue to struggle to find a balance between meeting these obligations and doing business. Yet those firms which can find a way operationally to deal with the requirements will potentially create a competitive advantage, simply by them being able to think more critically and actively.

At the same time, the strictness and complexity of the regulatory criteria, combined with aggressive timelines in some cases, makes it difficult for institutions to keep up. This is not helped by there being different expectations by regulators in regards to the suitability controls which need to be implemented.

One of the biggest complaints heard across heads of businesses and compliance teams, however, continues to be the challenge in finding enough competent and experienced personnel to fill the roles that have been created.

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Attendee ProfileType of Wealth Management firm

64%

11%

10%

6%

9%

Private Banks

Retail Banks

IAMs

Consultants

Other

Job role

C-Level

Compliance o�cers

Operations and Risk

Client Advisor/RM

Other

17%

42%

16%

20%

11%

“The forum was well-organised, covering a number of useful topics around compliance challenges for the wealth management industry going forward. I can highly recommend it!”Daniel Brunner, Executive Director, TriLake Partners

“[This was] a good turnout of wealth management practitioners, including some key industry figures. There was an impressive number of panelists and speakers.”Sinyee Koh, Director, Duff & Phelps

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AbacareAberdeen Asset ManagementABN AMRO Private BankingAMGAmundiANZ BankAris Prime PartnersAT Asset ManagementAvallis FinancialAviva Financial AdvisersBaker & McKenzieBank Julius BaerBank of SingaporeBB Securities AsiaBILBNP Paribas Wealth ManagementBordier & CieBRP Bizzozero & PartnersBureau van DijkCA Indosuez Wealth ManagementCapital GroupCastle Family OfficeCazenove Capital ManagementCBP QuilvestCFA InstituteChina Construction BankCIMB Private BankCitiCorecamCredit SuisseCrossbridge CapitalCrossinvestCTBC BankDaiwa Capital MarketsDBS Bank

Attendees from these firms

Deutsche BankDuff & PhelpsEFG BankEFG Wealth SolutionsEightStoneEYFalcon Private BankFinancial Planning Association of SingaporeFinaportFirth Investment ManagementFour Seasons Asia InvestmentGoldman SachsGreat Eastern Life AssuranceHavenport Asset ManagementHelvetic InvestmentsHeritage Trust GroupHong Leong BankHP Wealth ManagementICBCIMTF GroupIngenia ConsultantsIPG Financial ServicesKairos Capital PartnersKotak Mahindra Asset ManagementLGT BankLombard OdierLumen Capital InvestorsManulifeMarcuard TrustMaybankMaybank Asset ManagementMercerMizuho BankMK Wealth Management

Morgan StanleyNexus Financial ServicesNomuraOclaner Asset ManagementOrbiumParamount CapitalPictet & CiePromiseLand IndependentPwCRBC Wealth ManagementRiver Valley Asset ManagementRothschild Wealth ManagementSandAireSchrodersShook Lin & BokSilversea Asset ManagementSingAllianceSMBC Nikko SecuritiesSofos Capital ManagementST Asset ManagementSt.Gallen Institute of ManagementStandard Chartered BankSunline Wealth ManagementSynpulseTaurus Wealth AdvisorsThe Iyer PracticeTriLake PartnersUBPUBS Wealth ManagementUCAP Asset ManagementVahocaVP BankWealth Management AllianceWithers KhattarWongZEDRA

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Speakers

Etienne BillaudSenior Relationship Manager SingAlliance

Douglas LeeHead of ComplianceHeritage Trust Group

Cherry PeiManager, SingaporeSynpulse

David VignolaHead, Legal & ComplianceStandard Chartered Private Bank

Gary SohChief Compliance & Operations OfficerNexus Financial Services

Amar BishtHead of Wealth Strategy & AdvisoryOrbium

Arijit ChakrabortyChief Legal & Compliance OfficerManulife

Isay LifshitzHead, Group Operations Wealth Management, Asia-Pacific UBS

Anuj KagalwalaFinancial Services Tax LeaderPwC

Evelyn KohHead, Compliance, SingaporeStandard Chartered Private Bank

Andreas Wenger Associate PartnerSynpulse

Zane PritchardHead of Singapore Compliance and Operational Risk Control UBS

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Mark BuesserChief Executive OfficerIMTF Group

Stefan KuhnHead of Compliance, Private Banking, South-east AsiaCredit Suisse

Matthew MaddocksInstitutional Operational Risk, Retail Wealth & International Banking, AsiaANZ Bank

Philipp PiazPartnerFinaport

Sunil IyerDirector The Iyer Practice

Woon Hum TanPartnerShook Lin & Bok LLP

Rolf HaudenschildCountry Head, SingaporeBRP Bizzozero & Partners

Sanjoy SenManaging DirectorRetail & Wealth - AsiaANZ Bank

Sin Yee KohDirectorDuff & Phelps

Stephen YeeHead of Compliance, SingaporeBank Julius Baer

Joanna YapPartner, Tax and Private Client Withers KhattarWong LLP

Steven SeowHead of Wealth Management, Asia Mercer

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Vincent KooHead of Wealth Management Compliance, Asia PacificBNP Paribas Wealth Management

Stephanie MagnusPrincipal Baker & McKenzie

Alison FidlerHead, ComplianceWealth Markets Products & SalesStandard Chartered Bank

Kit de HalpertCo-Head of Asia-Ex Japan Private Wealth Management ComplianceGoldman Sachs

“I was impressed with the overwhelming response of the event, which managed to attract the senior executives from the industry. The event provided us with a platform to interact with the decision-makers and to better understand their challenges and priorities for the year. It was an excellent event and we are glad to have participated in it.”Gary Ong, Regional Sales Manager (ASEAN), Bureau van Dijk

Gary OngRegional Sales Manager, ASEANBureau van Dijk

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Compliance in Asian Wealth Management Forum 2018

Thursday 18th January - Singapore