Singapore licensed and certain exempted entities are required to undergo an annual, independent audit of their cross-border arrangements (CBA). and submit a certification to declare they have satisfied all relevant regulations. We can conduct the CBA audit and provide certification.
The Monetary Authority of Singapore (MAS) requires specified licensed and exempted entities to notify MAS of their CBAs with Foreign-Related Corporations and Foreign Offices under Form FN. These entities are also required to conduct an independent audit of all their CBAs and submit to MAS an annual certification under Form FR declaring that they have satisfied all relevant regulations.
Who requires a CBA audit?
Entities that come under the CBA regulatory framework include:
- Capital Markets Services (CMS) licence holders, excluding fund managers that are licensed under the MAS’ Venture Capital framework
- Financial Adviser’s licence holders
- Exempt CMS licencees and Exempt financial advisers such as banks and finance companies.
- Corporations that deal in block future contracts and/or OTC derivative contracts through an office or branch in Singapore relying on CMS licence exemptions
Conducting your CBA audit and certification
We can provide you with independent CBA audit services and the certification that MAS requires. As part of the audit, we will review your policies, procedures and controls, including controls related to record keeping, and anti-money laundering and countering the financing of terrorism. At the conclusion of the audit, you will receive the required certification together with a written report detailing the gaps we have found and our recommended remedial action, rated so that you know which you should prioritise.
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