Agenda
8.40am
Registration
9.00am
Welcome address
Andrew Crooke
Editor
Hubbis
9.05am
Panel discussion
Maintaining profitability whilst staying compliant
- What are the strategic challenges for wealth management firms in Asia relating to compliance?
- What costs do these challenges represent to the business?
- What are the indirect costs of compliance?
- How does/should senior management view compliance? Importance of ensuring buy-in from senior management
- How can the organisation keep costs under control? Where can you make cuts?
- Strategic changes vs tactical fixes: pros and cons?
- What are your expectations of new technology systems today?
- If you invest in new technology, when do you expect to see ROI?
- Is outsourcing a feasible option for wealth management firms in Asia?
- What are the advantages and disadvantages of outsourcing?
ChairAndrew CrookeEditor
Hubbis
Panel membersOlivier CrespinManaging Director, Chief Operating Officer, Wealth Management
DBS Bank
Conrad LimManaging Director and Deputy Chief Executive Officer, Singapore
LGT Bank
Sonjoy PhukanChief Operating Officer, AMEA
Barclays Wealth and Investment Management
Andrew ChowPartner, Financial Services Regulatory
WongPartnership LLP
9.50am
Presentation
Effective risk-based AML/CTF compliance programmes
Narayanan SambasivanDirector, Head of Compliance
Amicorp
- Need for risk assessment
- Key components of an effective risk-based AML/CTF programme
- Application of risk analysis to AML controls (on-boarding & ongoing monitoring)
- Value to be gained from AML risk assessment/model
- FATF/regulatory Guidelines on RBA
- AML/CTF programmes in Amicorp Group
10.15am
Presentation
Fast-evolving regulatory landscape - being smart and staying ahead
Nizam IshmailPartner, RHTLaw Taylor Wessing LLP
Director, RHT Compliance Solutions
- Taking stock of the international reform agenda - far from complete
- How international regulatory changes affect domestic regulation in Asia
- Extra-territorial application of regulations
- A more activist enforcement approach
- Challenges of navigating Asia's regulatory landscape
- Risks to private banks
- Strategies to stay ahead
10.40am
Refreshments & networking
11.00am
Presentation
Dealing with cross-border clients and opportunities from fund passporting and recognition
Alex Duperouzel
Managing Director
ComplianceAsia
11.25am
Panel discussion
Mitigating operational risk and breeding a culture of compliance internally
- What are the biggest external risks organisations face (hacking, security breaches, fraudulent websites, email fraud etc.)?
- What safeguards can protect firms from malicious external attacks of hacking/fraud/breaches/theft?
- Where do firms turn for advice over these matters?
- What threat does employee misconduct represent to the firm? (Internal fraud, insider dealing, data theft, etc)?
- Is employee misconduct typically intentional or unintentional?
- Disciplinary action vs reward systems: what works?
- How can effective training help reduce the risks of misconduct? And how can firms ensure competency & understanding of advisers?
- What can firms do in the way of monitoring to detect issues early on?
- What constitutes best practice in terms of dynamics & communication between the front and back office?
ChairAndrew CrookeEditor
Hubbis
Panel membersAdam LongHead of Legal & Compliance, Wealth Management & Priority/International Banking
Standard Chartered Private Bank
Kok Siang WeeRegional Head of Compliance, Asset Wealth Management, Asia Pacific
Deutsche Bank
Urban WildeRegional Head of Governance and Risk, AMEA
Barclays Wealth and Investment Management
Narayanan SambasivanDirector, Head of Compliance
Amicorp
12.05pm
Presentation
Ethics & banking
Andrew ChowPartner, Financial Services Regulatory
WongPartnership LLP
- Understanding ethics
- Application to bankers: (i) behaviour & cognitive skills; and (ii) behaviour & shades of grey
- Corporate values and the link to ethics
- Johnson & Johnson's Credo and Customer Ethos
12.30pm
Panel discussion
Aligning programmes, models & systems across the wider organisation
- What are the advantages and disadvantages of standardising ethics policies and code of conduct a) across the region and b) globally?
- Are some banks taking a "light touch" towards compliance and regulation in certain jurisdictions? What are the drawbacks of over-regulating the firm's activities? (Costs, competition, etc).
- What about the benefits of streamlining training programmes?
- How can firms operating in more than one jurisdiction avoid arbitrage in compliance models?
- Is it possible to develop inter-jurisdictional regimes and policies for areas like data protection, suitability, CDD & KYC?
- What are the challenges associated with implementing standardised systems across the region/ globally?
- What are the advantages and disadvantages of tailoring technology systems for different jurisdictions?
ChairAndrew CrookeEditor
Hubbis
Panel membersDavid VignolaHead, Legal & Compliance
Standard Chartered Private Bank
Evelyn KohHead of Compliance, Asia Pacific Wealth Management and Singapore
RBC Wealth Management
Yvette CheakConsultant Trainer
BNP Paribas
Ken FaganSenior Consultant
RHT Compliance Solutions
1.10pm
Lunch
1.55pm
Panel discussion
Staying vigilant: tax compliance, FATCA, AML and STR
- What are the practical challenges relating to tax compliance, AML, and STR monitoring?
- Do banks really know their clients? Are they gathering enough useful data from clients - including historical data? Or is this just an exercise to meet regulatory requirements?
- Are banks doing enough with the data they collect? (E.g. analysis of client's income - is it appropriate in line with the transactions taking place?)
- What are the tell-tale red flags advisers should look out for?
- Are there any obvious solutions in terms of methods for reviewing existing accounts - e.g. segmenting clients?
- What can firms do in the way of monitoring to detect issues early on?
- How have client on-boarding processes changed in light of the enhanced global focus on tax evasion?
- What role does technology play as firms battle against tax evasion, money laundering, terrorist financing etc? What are the advantages and potential disadvantages of automation?
- In the instance of a breach, who bears the consequences and who suffers reputational damage - the client, the firm, the adviser managing the account, or the compliance department?
- What can firms do to communicate to employees and clients the fact that non-compliance will not be tolerated?
ChairAndrew CrookeEditor
Hubbis
Panel membersRayson TanDeputy Head of AML for APAC
Credit Suisse
Philip PerchardBusiness Risk Manager - Singapore & India
Barclays
Simone NadelhoferPartner
Lalive Lawyers
Alex DuperouzelManaging Director
ComplianceAsia
2.40pm
Presentation
What does FATCA and the move towards greater transparency really mean for wealth managers?
Jay KrausePartner
Withers
- Understanding FATCA
- US voluntary disclosure and the recent agreements between the US Department of Justice and Swiss banks
- What does all this mean for the Asian wealth management environment?
3.10pm
Panel discussion
FAIR: reflections and projections for 2014
- In general, how is the IFA industry in Singapore coping with implementation of FAIR?
- What are the associated costs?
- What big changes have you seen take place within organisations so far?
- How is the financial adviser profession changing with the new rules preventing advisers from taking other work on the side?
- What has changed with respect to hiring?
- In the longer-term, what will be the outcome in terms of adviser competency across the industry?
- As a result of all of the changes, will consumers notice a difference? If so, when?
- If the MAS were to eventually bring in a new remuneration model, would this have a positive or a negative impact?
ChairAndrew CrookeEditor
Hubbis
Panel membersAnil ScottSenior Investment Adviser
Meyado Private Wealth Management
Kelso BeggsHead of Distribution
AAM Advisory
Alfred ChiaChief Executive Officer
SingCapital
4.00pm
Forum ends