In a bid to understand the exact nature of the cross-border challenge facing the sector, Asian Private Banker, sponsored by Geneva-based BRP Bizzozero & Partners SA (BRP) and its regtech subsidiary, Indigita SA (Indigita), conducted an in-depth study of how private banks are attempting to ensure cross-border compliance. In particular, it sought to analyse the current and future regulatory landscape of the market, while examining the current and emerging trends in Asia’s private banking and wealth management industry, especially with regard to Hong Kong and Singapore.
This report answers the following questions:
1. What impact do cross-border regulations have on a private banks’ activity?
2. How are cross-border risks perceived?
3. How do private banks structure and monitor their cross-border activities?
4. What are the sourcing policies for compliance solutions (in-house/third-party solutions) and what is their relationship to cross-border solution providers?
5. How is training in cross-border compliance organised?
6. To what extent do private banks look towards digitalisation as a mean of augmenting the efficiency and effectiveness of their compliance processes?
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This report is conducted independently by Asian Private Banker, under the sponsorship of BRP Bizzozero & Partners SA and Indigita SA.