Wolters Kluwer Survey Reveals Extent of Banks' Concerns over MAS 610, with Data Analysis Playing on Minds

Wolters Kluwer Survey Reveals Extent of Banks' Concerns over MAS 610, with Data Analysis Playing on Minds

6 years ago
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https://www.businesswire.com/news/home/20180613005108/en/

SINGAPORE--(BUSINESS WIRE)--Jun 13, 2018--Singapore’s banks cite their ability to successfully implement the Monetary Authority of Singapore (MAS) Notice 610 as their main concern for next year. More than half of the banks surveyed identify the regulatory change as their top single concern for the year ahead according to a new survey by Wolters Kluwer’s Finance, Risk & Reporting business. The survey asked more than 50 compliance, risk, finance and IT professionals at more than 25 banks in Singapore for their views on key challenges they face.

The scope of new proposals in the Monetary Authority of Singapore’s overhaul of the MAS 610 reporting regime for banks has taken many in the sector by surprise. The core set of returns that banks file to the Monetary Authority of Singapore are being revised to require information at a far more granular level beginning next year. In fact, the number of data elements that firms have to report will rise from about 4,000 to approximately 300,000.