The introduction of stringent regulatory framework modifications has actually made it extremely crucial for businesses throughout Asia to meet and comply with the new requirements so as to remain ahead and compliant. Enterprises are now actively outsourcing or seeking compliance service providers to enable themselves to be compliant and keeping abreast with the regulative reformations. Complying to the law and evolving industry regulations is of top priority for companies to avoid criminal charges and penalties imposed by financial regulators when they make errors in filing or reporting, or misinterpret the regulatory guidelines unintentionally.
Given the dynamic nature of the financial industry and influences from global bodies like OECD, changes in the compliance laws, regulatory frameworks and standards are unavoidable. This makes it even more crucial for financial institutions, especially the small and medium-sized financial firms to find a dependable compliance service provider.