RHTLaw Taylor Wessing’s Managing Partner Tan Chong Huat shared his views in this week’s topic in the Business Times’ weekly column, Views from the Top.
This article was first published in The Business Times on 6 March 2017.
In the driver's seat
March 6, 2017 - 05:50
THIS WEEK'S TOPIC: How far do you as a corporate leader take in views from others in running your business? How do you draw from the latest and best out there?
Tan Chong Huat
RHTLaw Taylor Wessing LLP
Views are the bases of ideas and innovation. Plurality of views engenders more options for business ideas and innovation. I am agnostic when taking in views that are constructive and instrumental in running my business profitably and sustainably.
I seek out views from key stakeholders (customers, co-workers, businessmen and my partners) by asking questions. Then I listen intently. If I don't understand, I ask more questions. My learning orientation often elicits positive responses from them. As they see how some of their views are adopted, they entrust me with more views. This would likely result in more ideas.
RHTLaw Taylor Wessing’s Head of Regulatory Practice Nizam Ismail was featured in Thomson Reuters Risk Management Solutions' State of Regulatory Reform 2017: A Special Report.
The annual report covers predictions of what the regulatory landscape will entail in this coming year for markets such as the Americas, Middle East and Africa and the Asia-Pacific.
In the Asia-Pacific section, the special report noted market misconduct and anti-money laundering (AML) are seen as Singapore's top concerns. Nizam commented, "MAS has begun to focus more on corporations and financial institutions, following the introduction of regulations for corporate derivative liability". In relation to the MAS's shutdown of BSI Bank and Falcon Bank, Nizam said the liability risk for the firm lies in individuals, including senior managers, who were involved in or who condoned practices such as facilitating money laundering.
This year is also seen to be the year of consolidation, supervision and enhanced surveillance of MAS's AML efforts. "There will be a stronger focus on cross-border money laundering activity, an area where the Financial Action Task Force (FATF) deemed Singapore to have fallen short. There will also be more AML enforcement, asset forfeiture and terrorist financing prosecution”, Nizam shared.
The full report can be found in Thomson Reuters Risk Management Solutions website, under the special reports section titled 2017 State of Regulatory Reform.