Peak Compliance Associates: Your One-Stop Shop for Financial Compliance in Asia
Alex Esson, Founder and Chief Executive Officer, Peak Compliance Associates
Alex Esson, Founder and Chief Executive Officer, Peak Compliance Associates
Background
Peak Compliance Associates (PCA) is a financial services compliance consulting company with operations in Hong Kong and Singapore, servicing financial institutions in Asia who are seeking or have obtained a license/registration with financial regulators in Hong Kong, Singapore, and the United States of America.
Like its namesake, PCA strives to be a leading compliance consulting firm within the Asia Pacific region and aims to provide quality advice to enable organisations to do what they do best.
With this goal in mind, PCA has emerged as one of the top compliance solutions providers in 2023, as awarded by APAC CIO Outlook.
Compliance with a Difference
With the Securities and Futures Commission (SFC) in Hong Kong recording over 3,250 licensed corporations and nearly 50,000 licensed individuals in 2023, and the Monetary Authority in Singapore (“MAS”) continuing to flourish as a financial hub in Asia, there is no doubt that demand for compliance with regulations is as high as ever in the region.
The four key business lines offered by PCA are: i) Regulatory Licensing; PCA is able to streamline the licensing process for clients and assist them during the application submissions process with expert advice and guidance. An efficient licensing process results in faster approvals, allowing a company to start generating revenue from the provision of regulated services that much quicker. ii) Compliance Advisory; Acting as their dedicated compliance advisor, PCA helps clients remain on the right side of regulation with its ongoing compliance advice and support, guiding them to navigate the complex maze of financial regulations. iii) Compliance Training; and PCA provides specialised compliance training courses both online and in-person to financial institutions to help their regulated employees meet their annual training obligations. iv) Ad-Hoc Compliance Projects. PCA tackles unique ad-hoc compliance projects as they arise, with tailored solutions to address compliance challenges that fall outside of the scope of the previous three business lines.
By providing a range of services, PCA aims to be a one stop solution for our client’s compliance needs and a significant value add in all areas of its operations.
PCA maintains a low client-to-consultant ratio, allocating more time and resources in order to provide clients with dedicated services. We take pride in maintaining the high quality of our work and our clients fare better for it, as they receive the attention they deserve and feel valued. This enables us to foster deep and meaningful interactions with our clients and create harmonious and long-lasting business relationships.
PCA maintains regular touch points with clients, including conducting periodic compliance meetings and providing notifications on key and relevant regulatory updates. PCA also publishes various articles online, posting regularly on its official website (https://www.pcacompliance.com/) and LinkedIn page (https://www.linkedin.com/company/peak-compliance-associates-pca/) to provide key insights to clients and the community in general on compliance-related matters. As such, clients can feel assured that they are always in the loop and kept abreast of all the latest compliance developments which are relevant to them.
While Hong Kong and Singapore remain dynamic hubs for business, regulators remain unrelenting in penalising companies that they deem to be non-compliant with its rules. Industry fines for breaches in regulation are all too commonplace and serve as clear deterrents to other companies as to what might happen if they are not careful enough with their compliance obligations. With PCA’s commitment to compliance by design in our services provided, our clients can gain a sense of security and feel that they can depend on us to protect their businesses on this front.
Latest Solutions
Online Training Platform
Released in late 2023, PCA’s online training platform (https://pcacompliancetraining.thinkific.com/) offers courses tailored specifically for financial professionals seeking to fulfil their Continuous Professional Training (CPT) requirements mandated by the SFC in Hong Kong.
PCA aims to be a one stop solution for our client’s compliance needs and a significant value add in all areas of its operations.
PCA’s courses are developed by its team of experts, and each module is thoughtfully curated to provide an overview of the regulatory regime, details of the specific SFC rules and regulations, practical insights, and real-world case studies. The online courses are available in English and Mandarin, and users signing up can study at their own pace, anytime and anywhere.
PCA’s comprehensive curriculum covers a wide range of topics, such as Environmental, Social, and Governance (ESG) and Anti-Money Laundering (AML) & Counter Financing of Terrorism (CFT) regulations in Hong Kong, and ensures users acquire the expertise needed to make informed decisions and safeguard the integrity of their organisation. Upon completing each course, users will receive a certificate which upon the approval of their company's compliance department may grant them the corresponding CPT hour(s).
VASP Licensing Support
As discussion and regulations regarding cryptocurrency gain traction globally, Hong Kong is looking to stay ahead of the curve. The SFC has rolled out its ‘VASP Licensing Regime’ in 2023 concerning centralised virtual asset trading platforms carrying on their businesses in Hong Kong or actively marketing their services to Hong Kong investors, and the HKMA has recently issued similar guidance on stablecoin and unveiled a sandbox arrangement for stablecoin issuers.
Along with traditional licensing support, PCA also offers support for clients seeking to apply for a VA Trading Platform Operator licence for their cryptocurrency exchanges, as well as uplifting SFC licenses for broker-dealers (Type 1 licence), advisory services (Type 4 licence), and asset management firms (Type 9 licence) to include handling virtual assets.
Partnering with a reputed law firm in Hong Kong, PCA’s licensing support for VA Trading Platform Operators aims to tackle the unknown and complex and make it into something familiar and straightforward for clients.
Additional Services
In addition to the above services, PCA provides customisable and efficient solutions to address unique compliance challenges, catering to specific requirements that may not be handled by standard business operations. PCA’s flexible approach ensures that clients receive attention and expertise they need to meet their compliance goals.
Our personalised services and commitment to quality and gives us our competitive edge and ultimately helps your organisation thrive in a heavily regulated environment.
