Finance sector staff unprepared for new compliance norms: Survey

Finance sector staff unprepared for new compliance norms: Survey

SINGAPORE - Many Singapore staff in the finance sector are unprepared to cope with new financial regulations that have emerged in recent years, a new survey has found.

These new regulations include anti-money laundering requirements, International Financial Reporting Standards (IFRS) and anti-corruption requirements.

And they are all having a significant impact on Singapore's banking and finance sector, recruitment firm Robert Half said.

Only 19 per cent of the finance leaders surveyed by the firm said their teams were very knowledgeable on the new requirements.

Another 51 per cent said their teams were somewhat knowledgeable.

But of most concern is the 30 per cent of finance leaders who believe their employees are not very knowledgeable or have no knowledge, compared with 26 per cent globally, the firm said.

Ms Stella Tang, director of Robert Half Singapore, said the survey confirmed how difficult it is for Singapore's financial services industry to stay on top of rules when changes happen rapidly.

"Banks and financial services companies are faced with a barrage of different financial regulations that are both broad in their scope and rapid in their introduction. So it is no surprise that Singapore finance leaders are struggling to cope," she added.

"The challenge of regulatory change is made more difficult if your team is not up to date. Some companies may need to bring in people with the right skills and knowledge, or invest in training their existing employees."

Anti-money laundering requirements topped the list as the global regulation that had the most significant impact on their businesses, cited by 46 per cent of those surveyed.

Earlier this year, Singapore tightened safeguards against money laundering and terrorist financing, in line with recommendations by the Financial Action Task Force based in Paris.

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