Singaporean Wealth Management Licence | Pre-licensing Assessment | CMSL Application Management | Post-licensing Risk and Compliance Support

We offer a comprehensive set of solutions to help you obtain and maintain a Singaporean wealth management licence, tailored to:

• Your business goals and objectives
• Your client demographics
• Your countries of operation
• The size of your business
• The available human and technology resources
• Your risk appetite
• Your governance structure
• The products that you offer
• Monetary Authority of Singapore (MAS) regulated wealth managers' obligations covering risk and compliance management under Securities and Futures Act (SFA), Capital Markets Services (CMS) Licence requirements, AML/CFT laws, privacy laws, consumer protection laws, and more

We have designed our regulatory licensing solutions to help you navigate the complexities of the Singaporean wealth managers’ licensing regime in a commercially oriented and goal-focused manner, providing effective support for all stages of the wealth managers’ licensing process, including but not limited to the following aspects:

• Singaporean Wealth Managers' Licensing Guidance: Advising on a wide range of aspects associated with wealth managers' licensing as it relates to your specific situation
• Pre-licensing assessment: Covering compliance gap analysis as well as risk and compliance assessment
• Pre-licensing support:

• Drafting the necessary policies and procedures to help you comply with the Singaporean wealth manager’s licence conditions and capital markets' regulations
• Developing internal controls to help you meet your obligations under the Singaporean wealth managers' licensing regime

• Wealth Manager’s CMSL Application Support: Covering the entire licensing process
• Post-licensing Support: Covering

• Ongoing compliance advice
• Comprehensive second-line risk and compliance support, including leading the implementation of your risk management framework (RMF), compliance management framework (CMF), compliance monitoring program (CMP), compliance calendar and checklist, ongoing risk assessments, internal and external reporting, outsourced providers' management, and more
• AML/CFT advice
• AML/CFT compliance management
• Compliance assurance solutions, including compliance assurance program (CAP) development, implementation, and internal control testing.

 

Service Coverage

This page is about the Singaporean Capital Markets Services Licence (CMSL) for wealth managers. In Singapore, entities conducting regulated activities involving wealth management, including portfolio management, fund management, and investment advisory services, are generally required to hold a CMSL issued by the Monetary Authority of Singapore (MAS). This licence authorises them to provide wealth management services to accredited investors, institutional investors, and (with additional obligations) retail investors.

We offer comprehensive support for a wide range of wealth management CMSL applications tailored to meet the specific needs of the following businesses:

• Private Wealth Managers
• Wholesale Wealth Managers
• Retail Wealth Managers 
• Institutional Wealth Managers 
• Boutique Wealth Managers 
• Family Offices
• Robo-Advisors
• Cross-Border Investment and Tax Planning Advisors
• ESG-Focused Wealth Managers

Retail Oriented Fund Managers: There are also several other regulator pathways for retail-oriented fund managers depending on the investor class and business model:

• Venture Capital Fund Manager (VCFM) Licence. For more information, you can visit our RFMC Licensing Solutions page.
• Licensed Fund Management Company (LFMC) Licence. For more information, you can visit our LFMC Licensing Solutions page.

Financial Advisers: Financial Adviser’s Licence (FAL) – for firms giving financial advisory services (e.g., investment product advice, research/recommendations) to retail and/or accredited investors. For more information, you can visit our Singaporean FAL Licensing Solutions page.

 

Non Retail Oriented Fund Managers

• Accredited/Institutional Licensed Fund Management Company (A/I LFMC) - a CMSL licensing option for managers serving only accredited and institutional clients, with no cap on client or fund numbers. This pathway carries more extensive compliance, governance, and resourcing obligations than the RFMC framework.
• Registered Fund Management Company (RFMC) - a lighter-touch framework limited to 30 qualified investors (and a maximum of 15 funds/limited partnerships under management). This regime involves lower resource and compliance requirements but offers less flexibility than the A/I LFMC licence. For more information you can visits our Licensing Solutions page for Singaporean Investment Firms.

You can find more information about our Singaporean wealth managers’ licensing solutions below:

 

Singaporean Wealth Manager’s Licensing Preparation

Pre-licensing Compliance Assurance

Our Singaporean wealth management licence solutions cover the following focus areas:

• Compliance Goals Analysis: We review your business-specific goals and resources against the suitability criteria for a Singaporean wealth manager's licence
• Initial Consultation: We provide guidance on potential risk and compliance issues that may arise during the Singaporean wealth managers' licensing process
• Choosing the Right Jurisdiction: We assist in evaluating regulatory, risk, and compliance environments to determine the most suitable jurisdictions for your Singaporean wealth manager’s licence, tailored to suit your:

• business objectives,
• operational capacity,
• client base,
• markets of operations,
• and other relevant factors

• Gap Analysis: We identify gaps between your existing operations and regulatory requirements and help you align them in a commercially oriented manner
• Singaporean Wealth Managers’ CMSL Application Plan: We help you establish a roadmap to effectively meet the CMSL requirements for wealth managers.

 

Singaporean Wealth Manager’s Licence Guidance

Selecting the right compliance model is crucial not only for navigating the licensing process but also for maintaining ongoing compliance and avoiding potential breaches. Our Singaporean wealth managers’ licensing solution covers:

• Compliance Model Selection: To help you best comply with the Singaporean wealth managers' licensing regime and related risk and compliance obligations.
• Corporate Governance Model Selection: We offer practical guidance on establishing effective corporate governance practices that support your risk and compliance oversight.
• Operations Model Advisory: We advise you on optimising your operational and governance models to help you efficiently comply with the licensing requirements for Singaporean wealth managers and other applicable wealth managers' obligations, keeping in mind your specific circumstances, available resources and business goals.

 

Entering MAS Regulated Licensing Environment

We help businesses transition from an unregulated environment to operating under the Singaporean wealth managers’ licensing regime, helping them meet their obligations as a CMSL holder.

We also assist already regulated businesses in aligning their existing risk and compliance management structures with the Singaporean wealth managers' licensing regime requirements. Our focus areas for this service include:

• New businesses
• Existing wealth managers operating in unregulated markets
• Singaporean wealth managers expanding into foreign jurisdictions
• Financial institutions and/or service providers with established risk and compliance frameworks seeking to introduce wealth management as a new product.

 

Multi-Jurisdictional Compliance

With years of experience managing risk and compliance obligations for businesses operating under multiple financial licences across various jurisdictions, we help businesses remain compliant with wealth managers’ obligations globally.

 

Wealth Management Licence and Wholesale Markets

Obtaining a Singaporean Capital Markets Services Licence (CMSL) for wealth management may not always be necessary or commercially viable, particularly where retail market expansion is not part of your strategy. Operating in the wholesale environment may offer a more suitable alternative. We offer a range of risk and compliance management solutions tailored for wealth managers that:

• Operate in the wholesale markets
• Offer services exclusively to accredited, institutional, or expert investors
• Rely on available exemptions from the requirement to hold a CMSL for fund management or dealing in capital market products (e.g. serving only accredited or institutional investors)

For the latter category, we help them comply with the regulatory compliance obligations that still apply even when a CMSL is not required, including:

• Advertisement Rules
• Fair Dealing Guidelines (under MAS Notice and Guidelines on Fair Dealing)
• Risk Management
• Oversight of Outsourced Providers
• Restrictions on offering services to retail investors (as required under exemption conditions and licensing scope)
• Anti-Money Laundering and Counter-Terrorism Financing (AML/CFT) laws and regulations
• Data Protection and Management obligations (including PDPA requirements)

 

 

Wealth Manager’s CMSL Application

We assist with your CMSL application through ongoing engagement in the Singaporean wealth managers’ licensing process:

• Document Compilation and Review: We compile and review all required supporting documents to support your wealth management CMSL application.
• Application Form Completion: We help you complete the forms so that all material information is accurate and complete.
• Pre-Submission Review: We can arrange a pre-submission review session with key stakeholders to ensure all parts of your application are understood and agreed upon. This session aligns application details with the actual situation, removing ambiguity.
• Regulatory Liaison: We manage the end-to-end submission process, maintaining clear and effective communication channels throughout the Singaporean wealth managers' licensing.
• Timeline Management: We closely monitor and adhere to all necessary deadlines, providing timely updates and adjustments to keep the application process on track.

 

Resolving Singaporean Wealth Manager’s Licence Issues

Having competent compliance advisors is crucial when licensing issues arise. Therefore, our wealth management licence solutions include a range of services to address and resolve these issues effectively:

• Remediation Solutions for Singaporean Wealth Manager’s Licence Applicants: We address and remediate risk and compliance issues identified by regulators, helping your operations align with Singaporean wealth managers' regime requirements.
• Specific Licence Conditions Compliance: We can help you manage additional conditions imposed on your wealth management licence, developing a tailored action plan to maintain compliance and facilitate the eventual removal of these conditions with minimal disruption to your business operations.
• Licensing Issues Handling: We address common licensing issues encountered during the wealth managers' licensing process, providing you with solutions to navigate and resolve these challenges efficiently.
• For further information, please visit our Compliance Remediation Solutions page.

 

 

Post-Licensing Support

We offer a full range of ongoing risk and compliance solutions for MAS-licensed wealth managers. Our services include, but are not limited to:

Ongoing Risk and Regulatory Compliance

• Singaporean Wealth Managers' Obligations Guidance: We can advise your risk, compliance, management and other teams on meeting the requirements of the Singaporean wealth managers' licensing regime and other regulatory compliance obligations. You can visit our Compliance Advisory page for more information.
• Regulatory Risk and Compliance Management: We provide dedicated compliance managers to manage your overall compliance. For more information, visit our Specialised Compliance Management Solutions page for Wealth Managers.
• Compliance Assurance Solutions: As part of our compliance assurance solutions, we offer:
• Compliance Assurance Program (CAP) development and testing options
• Internal Controls Design option
• Internal Controls Testing option
• Internal AML/CFT Review option
• Statutory AML/CFT Audit option
• Compliance Training Solutions: We offer training programs to different teams on complying with:
• Wealth managers’ obligations for risk, regulatory compliance management, and wealth management regulations. You can visit our Compliance Training page for more information.
• Wealth managers’ AML/CFT obligations and operational best practices for fraud prevention. You can visit our AML/CFT Training page for more information.
• Crisis Management Planning: We can develop proactive strategies to manage potential compliance crises effectively.
• Anti-Money Laundering (AML) and Counter Terrorist Financing Solutions: We provide a full range of AML/CFT solutions for Singaporean wealth managers. For more information, visit our Specialised AML/CFT Solutions page for Wealth Managers.
• Advanced Compliance Technologies: We can assist you with selecting and integrating advanced technology solutions, such as compliance automation tools and regulatory technology (RegTech), to streamline compliance processes without disrupting operations.
• Risk and Compliance Framework Adjustments: Including adjustments to risk management frameworks (RMFs), compliance monitoring programs (CMPs), compliance management frameworks (CMFs), and other core procedures and policies to align them with:
• new business goals
• regulatory changes
• changes in your operations
• evolving market conditions
• changes in stakeholders’ risk appetites (your banking partners, insurance companies, liquidity providers, etc.).

 

Further Information

Please visit our specialised CMSL page for further information about our services and CMSL holders' obligations.

 

Related Licensing Solutions

We can help you apply for the wealth manager's CMSL equivalents in the following jurisdictions:

• Australia: For more information on the Australian wealth management CMSL equivalent – AFSL for wealth managers, you can visit our AFSL page for Australian Wealth Managers.
• New Zealand: For more information on the New Zealand equivalent of the wealth managers' CMSL– wealth manager’s FMA licence, as well as Financial Service Provider (FSP) registration for non-retail wealth managers, you can visit our New Zealand Wealth Manager Licence page.
• United Kingdom: For more information on the United Kingdom wealth management CMSL equivalent – FCA authorisation for wealth managers, you can visit our FCA Authorisation page for Wealth Managers.
• Other Jurisdictions: We also offer licensing solutions for wealth managers in the prominent financial centres and offshore tax havens, including but not limited to:

• British Virgin Islands
• Cayman Islands
• Seychelles
• Jersey
• Guernsey
• Isle of Man
• Bermuda
• Mauritius