MAS Notice 610/1003

After more than two years of extensive industry consultations and effort, the revised MAS Notice 610/1003 (“the Notice”) formally took effect from 1 July 2021. The implementation journey for most banks over the last two years were definitely fraught with challenges, including interpreting data definitions, data availability and the lack of infrastructure support and resource capacity.

While the Notice has taken effect, the pressure on banks has not abated as they continue to grapple with data remediation, resource constraints and more importantly, the intense regulatory scrutiny over accurate and timely regulatory reporting submissions.

As we expect other regulatory reporting submissions to be progressively prepared and submitted through the Data Collection Gateway using prescribed schema format, it is of paramount importance that banks establish regulatory reporting processes that are tenable to support the continued complexity and granularity in reporting requirements in the long run.

Join us at our live webinar as we share:

• Insights on developments and unwritten regulatory expectations over regulatory reporting
• Key implementation challenges faced by banks and how process automation has enabled them
  

We look forward to having you at the webinar.