Together with our valued partner, Thomson Reuters, who is one of the world's leading source of financial data provider, we are proud to support the CSIS 3rd CSPs Conference 2018 event.
By establishing this important partnership with Thomson Reuters, it will help Cynopsis further optimise the tracking and monitoring of data integration and data quality which helps businesses make better critical decisions.
The theme of this event is "CSPs - The Nexus of Compliance" which aims to prepare Corporate Service Providers for disruptive challenges and be updated on changes and developments in legislation. Chye Kit, the CEO and managing director of Cynopsis and traceto.io, is honored to be invited as a speaker for AML/CTF Risk Assessment and panel for the discussion of AML/CTF trends.
Risk Assessment
From the ACRA/EP200 guidelines, you will know that risk assessment is an integral part in Know-Your-Customer (KYC) procedures. KYC screening for Politically Exposed Persons (PEP), Sanctions, Adverse News cannot be standalone.
How can businesses perform risk assessment? By leveraging close to 20 years of compliance experience, Chye Kit shed light on the process of risk assessment which starts with (1) identifying risk; (2) measuring risk; (3) analysing risk; (4) reviewing risk; (5) mitigating risk and the cycle repeats. Based on the likelihood and significance of the risk, CSPs and Practitioners should also consider these 4 common types of risk namely - country risk, customer risk, product/services risk and business activities risk to help them make business decisions.
When asked by the audience implications of cryptocurrencies startup for CSPs with respect to AML/KYC, Chye Kit recommended that CSPs should approach this sector with an open mind. Understanding the underlying blockchain technology and getting to know there startup founders better will go a long way in demonstrating KYC.
Mandatory Training & Test
As CSPs and Practitioners play a key role in helping to combat illicit corporate activities, it is important that they keep abreast of AML/CTF regulations which will only become more stringent.
One of the new legislation changes will be the mandatory training and proficiency test for CSPs in Singapore. It is also our honour that Chye Kit is appointed as a key developer of the training materials for CSIS and ISCA as well as to deliver the training for the entire CSP sector commencing end of March 2018.
Comply Smarter with Minimum Efforts
At Cynopsis, we designed Artemis to help you comply with AML/CTF compliance regulations. Built on the basis of Financial Action Task Force (FATF) recommendations, we have helped more than 600 businesses worldwide in the financial institutions, professional services, FinTech start-ups, Cryptocurrencies sectors to automate and fulfil their respective AML/CTF compliance regulations in terms of (1) KYC Screening; (2) Record Keeping and; (3) Risk Assessment.
Coupled with Thomson Reuters World-Check - the gold standard for financial data monitoring - Artemis continues to deliver a seamless and automated KYC onboarding solution that allows you to have an ease of mind.
