Thomson Reuters Governance, Risk & Compliance division surveyed more than 400 compliance practitioners, including heads of compliance and chief executives of financial services firms, including banks, brokers, insurers and asset managers around Asia to solicit their views of the main regulatory challenges they expected to face this year and beyond.
This report provides a snapshot of the state of compliance within firms, including the issues that are taking up significant resource, as well as firms’ views on what 2013 holds for boards and compliance teams. Respondents represented firms from across all sectors of financial services including banks, brokers, insurers and asset managers. Firms were not only geographically spread out across Asia but also represented a wide range of sizes from the small to global conglomerates.
Some of the results were:
New anti-money laundering (AML) regulations and the looming deadline for compliance with the U.S. Foreign Account Tax Compliance Act (FATCA) top the list of issues that concern financial institutions in Asia-Pacific
With the deadline looming for compliance with FATCA, compliance officers in the Asia region are becoming increasingly concerned with meeting the deadline
Recent tightening of data protection laws in jurisdictions such as Hong Kong has also had an impact on financial institutions in the region
Complying with the raft of new regulations being adopted in Asia in recent years has led to a significant rise in costs
Many respondents warned of a danger of overregulation in certain sectors, such as banking
Most respondents expected the volume of regulatory change to persist in coming years
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Thomson Reuters GRC Survey: The impact of regulation on financial services in ASIA
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