| Regulations across Southeast Asia’s wealth management industry are complex, and each country has their own laws, regulations, and rules for wealth management and private banking firms to operate in. Finding the proper partner that is able to provide accurate legal advice on the various nations’ rules is critical in building a sustainable business. KEEPING UP WITH CHANGING REGULATIONS Sereena Edgerton, Head of Cross Border Legal Wealth Management, UBS, said that it is not easy for firms operating in Southeast Asia to keep up with the rapid changes of regulations while continuing to operate a business. “It is a challenge for firms to keep up with the pace of regulatory change. Regulators globally are issuing new consultations and regulations all the time and firms need to make sure that they have proper systems to ensure that are on top of all of these and understand what it means for their business and how they can build robust controls to ensure compliance,” said Edgerton. |  SEREENA EDGERTON, HEAD OF CROSS BORDER LEGAL WEALTH MANAGEMENT, UBS (SINGAPORE |
FULLY UNDERSTANDING YOUR BUSINESS
The private banks that are operating in Southeast Asia are global, and are juggling various regulations in multiple Southeast Asian jurisdictions, and need to understand their business to help their clients and comply with local and international regulations.
Edgerton said UBS works in complex regulatory environments, and continues to be fully compliant with each of the jurisdictions laws to best service their clients and team. “Our business is international in scope and our client base is characterized by multiple nationalities involving different locations. In an increasingly complex regulatory and legal environment we want to ensure that all our cross-border activities are fully compliant with all relevant laws and regulations. This is in the best interest of our clients, our staff and our firm,” said Edgerton.
Edgerton believes that it’s critical to fully understand one's business, including how the law applies to various transactions in diverse jurisdictions. It is also important to establish a legal framework of a cross-border business to ensure that clients and the staff are compliant with regulations.
“Besides establishing a comprehensive policy framework for our cross-border business which is complemented with country-and segment-specific rules, we have also introduced several country-specific product alignment rules designed with an aim to ensure that suitable solutions are made available to clients according to their location. However just as important as the policies and rules is having a strong team who can give advice on bespoke situations. Most of what we do, particularly for ultra high net worth clients, is bespoke not commoditized and clients and our bankers expect personal involvement and engagement.”
The private banks that are operating in Southeast Asia are global, and are juggling various regulations in multiple Southeast Asian jurisdictions, and need to understand their business to help their clients and comply with local and international regulations.
Edgerton said UBS works in complex regulatory environments, and continues to be fully compliant with each of the jurisdictions laws to best service their clients and team. “Our business is international in scope and our client base is characterized by multiple nationalities involving different locations. In an increasingly complex regulatory and legal environment we want to ensure that all our cross-border activities are fully compliant with all relevant laws and regulations. This is in the best interest of our clients, our staff and our firm,” said Edgerton.
Edgerton believes that it’s critical to fully understand one's business, including how the law applies to various transactions in diverse jurisdictions. It is also important to establish a legal framework of a cross-border business to ensure that clients and the staff are compliant with regulations.
“Besides establishing a comprehensive policy framework for our cross-border business which is complemented with country-and segment-specific rules, we have also introduced several country-specific product alignment rules designed with an aim to ensure that suitable solutions are made available to clients according to their location. However just as important as the policies and rules is having a strong team who can give advice on bespoke situations. Most of what we do, particularly for ultra high net worth clients, is bespoke not commoditized and clients and our bankers expect personal involvement and engagement.”
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