Walking The Narrow Road of Regulation

Date:

16 May 2024, Thursday

Time:

12.00 - 02.00PM

Venue:

NTUC Centre, Level 9, Room 901

1 Marina Boulevard, Singapore 018989

Details/ Promotion:

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Contact:

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Programme Synopsis

In the wake of the one of Singapore’s largest anti-money laundering operations in August 2023, MAS has exhorted all financial institutions including trust companies to accurately assess whether there are legitimate reasons and clear economic purposes behind the use of legal arrangements and complex structures. The episode also underlines the importance of trustees in conducting adequate and robust transaction monitoring.

Which begs the question: How does a trustee esteem the legal arrangement of a discretionary trust yet satisfy the regulatory expectations of MAS?

In this session, we discuss the practical challenges of regulatory compliance that a trustee faces in the daily administration of the trust. This includes the difficulty in articulating the “true beneficial owner” of a trust structure to third-parties (e.g. banks), and the sensitivities behind providing trust information for CCD purposes.

Programme Outline

A Highlight of Key Areas:

Opening Remarks by Moderator
- Mr. Shawn Wang TEP - Director, Head of Trust Services and Resident Manager, Ocorian Singapore Trust Company
Walking the Narrow Road of Regulation
- Ms Sinyee Koh - Director, Integrity Consulting Pte Ltd

About the Presenter(s)/ Trainer(s)

Ms Sinyee Koh
Director
Integrity Consulting Pte Ltd

Sinyee manages Integrity Consulting, a compliance consultancy firm. She advises financial services firms on licensing and ongoing obligations after they are licensed. As a compliance consultant, Sinyee has advised a range of firms from banks, asset managers (hedge funds, private equity, venture capital, external asset managers), remittance companies and fintechs. Recent areas on which Sinyee has advised firms on include anti-money laundering & counter terrorism financing, personnel fit & proper requirements, preparation of regulatory filings and reports, outsourcing, data privacy, business continuity, cybersecurity & technology risk management, cryptocurrency and fintech regulations.

Before setting up Integrity Consulting, she set up and managed the Singapore regulatory and compliance consulting business of a global professional services firm.

Mr Shawn Wang
TEP – Director, Head of Trust Services and Resident Manager
Ocorian Singapore Trust Company

Shawn is the Head of Trust Services at Ocorian Singapore Trust Company (OSTC), leading the private clients’ team that oversees the management of fixed and discretionary trusts, purpose trusts, private unit trusts, employee benefits trusts and family office structures. As the resident manager and a board member of Ocorian Singapore Trust Company, Shawn also oversees the operations, statutory and regulatory obligations of the firm.

As an experienced wealth planner, Shawn has partnered with ultra high net-worth (UHNW) families, entrepreneurs and businesses for many years. He works closely with his clients to oversee the strategic implementation of complex wealth planning solutions, tailored to meet the estate, succession, investments, tax and regulatory requirements and objectives of his clients. He has also assisted his clients with venture capital, private equity and digital assets investments, taking into consideration their individual objectives and circumstances.

Shawn is a full qualified member of the Society of Trust and Estate Practitioners (STEP).

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