The Monetary Authority of Singapore (MAS) runs one of the strongest regulatory systems in Asia for financial advisors in Singapore. As the Financial Advisers Act (FAA), anti-money laundering (AML) rules, technology risk management guidelines and the new Balanced Scorecard Framework (Notice FAA-N20) change, it becomes harder for financial advisers to follow the rules.
For financial advisory firms in Singapore, compliance is about more than just avoiding fines. It’s also about earning clients’ trust, showing regulators that they are responsible and making business practices that will last. Modern compliance software helps businesses keep records that are ready for an audit, automate regulatory reporting, make client due diligence easier and manage policy distribution.
This list of five compliance software solutions for financial advisors in Singapore was chosen based on how well they follow the rules, how well they are known in the market and how relevant they are to the local financial services ecosystem.
How we selected the top compliance software solutions
This list is based on things that are especially important for financial advisers in Singapore. Solutions were assessed based on their compliance with MAS requirements (including FAA, AML and TRM guidelines), local presence and comprehension of Singapore’s regulatory framework, integration potential with current advisory platforms and applicability to firms of diverse sizes. This is not an official ranking; it is a carefully chosen list to help financial advisory firms make smart choices.
List of top 5 compliance software solutions for financial advisors in Singapore
- VComply
- BGL Corporate Solutions (CAS 360)
- AsiaVerify
- CCH ProSystem fx Engagement (by Wolters Kluwer)
- Zeidler MMR-Tool
Closer look at each compliance software solution
1. VComply
VComply is a Governance, Risk and Compliance (GRC) platform that helps businesses make compliance part of their daily operations by using unified, automated workflows. The platform is a perfect fit for Singapore’s regulated industries because it has pre-built frameworks that meet MAS requirements, PDPA guidelines and international standards. More than 2,000 organizations in 36 countries trust VComply, demonstrating its strong presence in the Asia-Pacific region.
Key compliance features
- Risk registers for technology and cyber risks, along with control mapping for Technology Risk Management guidelines, are included in the MAS TRM alignment.
- AML/CFT support: keeping track of tasks, making suspicious transaction reports (STRs) and writing AML training materials.
- PDPA compliance: keeping track of policy acknowledgments, breach notification workflows and employee training compliance logs.
- Ready for an audit: a centralized place to store evidence, audit trails with timestamps and reports that can be exported by program or function.
- AI Policy Assistant: Write policies that follow rules like the PDPA or MAS guidelines and when rules change, it will suggest updates automatically.
- Governance outsourcing: checklists for onboarding vendors, forms for due diligence and dashboards for monitoring third parties.
Ideal client type
Mid-sized financial advisory firms, private banks and wealth management companies that want a GRC platform that can grow with their business but isn’t too complicated for big businesses. This is especially useful for companies that run more than one business or have offices in different regions.
Notable strengths or differentiators
- Localized for Singapore: Pre-built workflows that meet the requirements of the MAS, PDPA and AML, as well as options for data residency to comply with cloud regulations.
- Easy setup: Most customers go live in less than four weeks with no-code setup and very little help from IT. This can be achieved in less than four weeks, with minimal help from IT and no coding required.
- Cross-functional usability: Works for compliance heads, risk leads and internal auditors in the financial services, healthcare and other regulated sectors.
- Clear pricing: Modular licensing with no setup fees, made for companies that are in the middle of the market and want to grow.
Contact information
Official website: www.v-comply.com
2. BGL Corporate Solutions (CAS 360)
With more than 35 years of experience and ISO 27001 certification, BGL Corporate Solutions is the best in the world at compliance management software. The business works with more than 12,700 companies that manage more than 1.5 million entities around the world. The main product of CAS 360 is its company secretarial software. It is made to help accounting firms, corporate service providers and financial advisory groups keep up with ACRA compliance requirements in an efficient way.
Key compliance features
- Managing ACRA compliance: Making it easier to run a business by simplifying tasks like filing annual returns, registering companies and making common changes.
- Automated KYC/AML: Built-in checks for compliance when bringing on new clients and doing due diligence on an ongoing basis.
- Integration of digital signing: Workflows that don’t use paper and speed up client approvals and document signing.
- An AI-powered paper-to-data solution, BGL SmartDocs 360, transforms unstructured financial documents into actionable digital data.
- SmartDocs AI Studio is an integration platform that works with any software solution to make managing data easier.
Ideal client type
In Singapore, there are accounting firms, corporate secretarial services and financial advisory firms that need to handle a lot of entity data while also making sure they follow ACRA rules.
Notable strengths or differentiators
- Being ISO 27001 certified means that people all over the world know that a company is good at managing information security. This is crucial for businesses that deal with private customer information.
- Powerful automation: AI-powered document processing and digital workflow automation cut down on the need for manual data entry.
- Local presence: an office in Singapore at 15 Scotts Road that offers dedicated support for the local market.
- Scalable platform: Works for both small businesses and big corporate service providers that handle thousands of clients.
Contact information
- Website: BGL Corporate Solutions (CAS 360)
3. AsiaVerify
AsiaVerify is a RegTech platform based in Singapore that offers real-time business verification and corporate intelligence throughout Asia. Foresight Group has given the company growth capital to help it grow its business and make new products faster. The company was founded in 2019. The platform uses official data from 14 Asian countries to give businesses around the world real-time information on more than 447 million entities.
Key compliance features
- Real-time corporate intelligence: Get access to official company information from 14 Asian countries, such as ownership structures, compliance with regulations and risk indicators.
- UBO mapping: AI-powered ultimate beneficial owner mapping for clear ownership identification.
- KYB workflows: Know-Your-Business verification tools that help with client onboarding and due diligence for businesses.
- Sanctions screening: automated checks against lists of sanctions and regulatory flags.
- Continuous monitoring involves keeping a close watch on any changes in ownership and risk indicators for existing clients.
- Unified interface: A single platform for accessing fragmented business data in many Asian markets.
Ideal client type
Financial advisory firms, private banks and wealth managers, particularly those requiring robust due diligence on entities in markets with fragmented data sources, are ideal clients for this platform.
Notable strengths or differentiators
- Singapore homegrown: Founded and based in Singapore, with a lot of experience dealing with compliance issues in the region.
- Official data sources: Collects information directly from government registries in 14 Asian countries, making sure it is accurate.
- It addresses the issue of data fragmentation by ensuring the quality and accessibility of data in new Asian markets.
- Investment backing: Foresight Group’s growth capital investment shows that the platform is strategically important for global compliance operations.
Contact information
Official website: AsiaVerify
4. CCH ProSystem fx Engagement (by Wolters Kluwer)
Wolters Kluwer’s CCH ProSystem fx Engagement is widely regarded as the best audit and compliance software for professional firms in Singapore. The software is made to deal with the complicated rules and regulations in Singapore and it works very well with the digital audit manuals that the Institute of Singapore Chartered Accountants (ISCA) gives out.
Key compliance features
- Integration of ISCA methodology: Workpapers that come with everything you need to follow Singapore’s audit methodology.
- Workflow automation: Automates trial balance imports and lead sheet generation, reducing audit time by up to 30%.
- Compatible with ACRA: Can file XBRL and meet other local reporting needs.
- ISQM 1 compliance: Automated quality management tools that follow the most recent International Standards on Quality Management. ent features to meet the latest International Standards on Quality Management.
- Version control: Robust management of multiple auditor contributions with complete audit trails.
Ideal client type
The ideal client type includes mid-sized to large financial advisory firms and audit practices, which require deep integration with Singapore’s regulatory framework and must demonstrate compliance with professional standards during ACRA inspections.
Notable strengths or differentiators
- Market leadership: Considered the best thing for Singaporean companies, with case studies showing big gains in efficiency.
- Local regulatory alignment: Direct integration with ISC An audit manual makes sure that methodologies are in line with current Singapore standards.
- Eligible for a grant: If you combine it with process redesign projects, you may be able to get up to 50% of the funding for the Enterprise Development Grant (EDG).
- Entity authority: CCH helps a business look more professional in its local area.
Contact information
Official website: www.wolterskluwer.com
5. Zeidler MMR-Tool
Zeidler Group, a top provider of legal and regulatory compliance services to the asset management industry, has added Singapore to its Marketing Material Review Tool (MMR-Tool). The tool adds new checks to help asset managers and financial advisers follow Singapore’s rules about advertising and marketing.
Key compliance features
- Review of marketing materials: automatic checks to make sure they follow MAS rules for financial advertising and promotions.
- Updates on regulations: Monitoring any modifications to Singapore’s guidelines for marketing financial products is crucial.
- Approval workflows provide structured methods for reviewing and approving materials intended for client viewing.
- Audit trails: Full records of review decisions and approvals for inspections by regulatory bodies.
- Support for multiple jurisdictions: This is especially useful for companies that do business in more than one Asian market with different marketing rules.
Ideal client type
Asset managers, financial advisory firms and wealth management companies, who distribute marketing materials to Singapore clients and must ensure compliance with MAS advertising guidelines, are ideal clients for this service.
Notable strengths or differentiators
- Specialized focus: Focused on marketing compliance, which is a major problem for companies that send out promotional materials.
- Recent growth in Singapore: New coverage shows an understanding of the unique rules and regulations in the area.
- Asset management pedigree: Made with the needs of investment firms and asset managers in mind.
- Integration potential: Can add to larger GRC platforms by meeting specific needs for marketing reviews.
Contact information
Official website: Zeidler MMR-Tool
How to choose the right compliance software solution in Singapore
Selecting the appropriate compliance software requires careful consideration of your financial advisory firm’s specific needs and circumstances.
To begin, please identify the rules that need to be followed. In Singapore, financial advisers must follow several MAS rules, including the Financial Advisers Act, AML/CFT notices, Technology Risk Management guidelines and the Balanced Scorecard Framework. VComply covers all of these areas for GRC, while AsiaVerify focuses on verifying KYB and UBO.
Second, look at your client profile and the areas you serve. AsiaVerify’s real-time corporate intelligence across 14 jurisdictions solves the problem of data fragmentation for businesses that work with clients or invest in companies in more than one Asian market. BGL’s CAS 360 is a strong ACRA compliance tool for companies that mainly manage entities in Singapore.
Third, think about how big your company is and how effective it is with technology. VComply’s quick setup and no-code configuration may be better for mid-sized businesses that want enterprise-level features without the hassle. CCH ProSystem fx’s deep integration with ISCA methodology could help bigger companies with dedicated compliance teams.
Fourth, check to see if there is local support and data residency. All of the solutions listed have shown that they are serious about the Singapore market. VComply has options for data residency that help you follow cloud rules. BGL has an office in Singapore at 15 Scotts Road. The main office of AsiaVerify is in Singapore.
Fifth, look into how well it works with other systems. Think about how each solution works with your systems for managing clients, keeping track of money and storing documents. BGL’s SmartDocs AI Studio lets you connect to other systems and VComply lets you set up role-based access controls that work for multi-entity governance.
Sixth, explore grant funding opportunities. The Productivity Solutions Grant (PSG) and Enterprise Development Grant (EDG) can offset implementation costs for eligible software. CCH ProSystem fx, for example, may qualify for EDG as part of broader process redesign projects.
The compliance software market in Singapore offers robust solutions tailored to various aspects of financial advisory work. VComply offers full GRC coverage with workflows that follow MAS standards and policy management that uses AI. BGL Corporate Solutions offers strong ACRA compliance automation along with ISO 27001. getting a certificate. For strong KYB due diligence, Asia Verify gives you real-time corporate information from 14 Asian markets. CCH ProSystem fx Engagement is the best way to combine audit methods with ISCA. The Zeidler MMR-Tool meets the specific marketing compliance needs of asset managers and advisers.
The best answer for your business depends on its legal obligations, client base, technical skills and growth path. We suggest that you talk to the providers on your shortlist, see how well they fit with your compliance workflows and look into grant funding options to help pay for the costs of implementation.
Frequently asked questions
1. What compliance requirements apply to financial advisers in Singapore?
Financial advisers in Singapore must follow the Balanced Scorecard Framework (Notice FAA-N20), the Financial Advisers Act (FAA), AML/CFT notices (like Notice FAA-N06), guidelines for managing technology risks and the PDPA. Client due diligence, transaction monitoring, reporting suspicious activity, managing policies and being ready for an audit are all requirements.
2. How much does compliance software cost for financial advisory firms?
Prices depend on the provider, the size of the company and the modules needed. GRC platforms, like VComply, charge the user and have no setup fees, so their pricing is clear. For mid-sized companies, enterprise solutions like CCH ProSystem fx cost between S$3,000 and S$6,000 per user each year. The price of BGL depends on the number of entities and the features chosen. PSG or EDG grants may pay for up to half of the costs that are eligible.
3. How do I know if a compliance software solution is reliable?
Some signs of reliability are ISO certifications (like BGL’s ISO 27001), investment backing (like AsiaVerify’s Foresight Group investment), a proven track record with Singapore clients, clear data residency and security practices and following MAS rules. Client reviews and case studies that are specific to financial services are also very helpful.
4. Are compliance software solutions suitable for small financial advisory firms?
Yes, a number of providers offer solutions that are appropriate for smaller businesses. Lean teams will like VComply’s quick setup and no-code configuration. BGL’s CAS 360 is useful for both small businesses and big corporate service providers. Some solutions, like CCH ProSystem fx, might be better for companies that are medium to large because they require a lot of money to get started.
5. What should I prepare before engaging a compliance software provider?
Make a clear list of your regulatory obligations, current compliance workflows, number of users, client volumes, geographic footprint and how your new system will work with the ones you already have. Find the weak spots in your current processes, like AML checks, managing policies, getting ready for an audit, or getting marketing approvals. This preparation enables providers to propose appropriate solutions and precisely calculate the effort required to implement them.
6. How long does compliance software implementation typically take?
The time it takes to implement a solution depends on how complex it is. VComply says that most of its customers go live in less than four weeks with no code configuration. Setting up CCH ProSystemFX may take longer, especially for companies that need custom workflows and training for their employees. AsiaVerify’s cloud-based platform simplifies the process of initiating verification workflows. Companies can add value over time by using phased implementation methods.
