FRSGlobal

FRSGlobal User Group Forum in preparation for New MAS 639 regulation attracts 14 banks

18/12/2008

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London, Singapore, 18th December 2008 : FRSGlobal, the only true global provider of risk and regulatory compliance solutions with coverage for 30+ countries on a unified platform, announces 14 banks attend their User Group Forum for New MAS 639 regulation.

FRSGlobal held a User Group Forum in Singapore offering banks the opportunity to learn about the forthcoming MAS 639 and MAS 639 A from a user's perspective. The regulation is forcing banks regulated by the Monetary Authority of Singapore (MAS) to submit 2 new highly detailed reports in order to limit their concentration risk.

The primary aim of the regulator in amending the existing Section 29 guidelines was to facilitate risk-based supervision and allow operational flexibility. MAS 639 A supports reporting of related concerns exposures and credit facilities. Though MAS 639 reporting is of a compliance nature, the reporting requirements are crucial in terms of the reporting institution's capability to internally manage, control and monitor the credit exposure to a single counterparty group. Banks must be compliant by 31st March 2009 at which point the reporting will become compulsory.

FRSGlobal FinancialAnalytics solution will ensure that banks regulated by the MAS stay compliant. The FRSGlobal solution provides accurate and timely financial reporting across the entire financial institution with comprehensive data validation and audit trail capability.

Steve Thurley, VP for Asia Pacific and Japan, FRSGlobal comments: "We are pleased to be in a position to provide our clients with these reports and enable them to comply with these new, significant changes being made by the regulator on time. FRSGlobal provides those clients which are under subscription to RegPro with new reports to keep them up to date with regulators' requirements."