Newsletter - Mar'17

This month marks the 3rd year since the incorporation of Cynopsis Solutions in 2014.
The road to entreprenuership has been one filled with
ups and downs, surprises and disappointments, opportunities and roadblocks.
Nonetheless we are grateful to have You as a Customer and Partner to make our Journey a wonderful and meaningful one.
With your continued support, we will scale greater heights.
Thank You.

Interview with Talking Point

Chye Kit shared his thoughts with Talking Point on potential disruption brought about by RegTech on white-collar jobs. While there is a lot of possibility to disrupt inefficient, manual and analogue processes, Chye Kit felt that it is not so easy to disrupt the higher order Compliance roles that require high level of judgement and discretion. 

Taiwan FinTechBase

Festival

On 4 Mar, Cynopsis Solutions was invited to participate in the inaugural Taiwan FinTechBase Festival as overseas RegTech startup.  It was a fantastic networking experience with over 800 delegates from Taiwan and around the region. Met a number of familiar faces. First time pitching in Mandarin. :-)

Regulatory News

We note that ACRA has published its responses to feedback for Consultation Papers in relation to proposed changes to Companies Act, LLP Act and Accountants Act. The amendments have been passed in Parliament and will take effect from 31 March 2017. 

Although the effort taken by ACRA to increase corporate transparency is a step in the right direction, given UK has already taken the lead last year to make UK UBO information publicly available and that the EU Parliament is now considering to do the same, it is quite possible that Singapore may find itself just a step behind the curve if more jurisdictions start to collect and make UBO information publicly available.  

Our view is that if UBO information is made publicly available just like other corporate registers (e.g. directors and shareholders), it will massively benefit all organisations that are required to do KYC on their corporate customers.

While the global regulatory changes are not within our control, it is important for us to be aware of the landscape that the call for greater transparency is not a local issue. Money laundering, tax evasion and terrorism financing are global problems. 

Upcoming Product 

Enhancements

Artemis - KYC Automated 

As we constantly seek to improve our products and to give you better value for money, we will be adding a number of enhancements to the current suite of Artemis - KYC Automated. 

Because we think that KYC is never just about poring through stacks of documents and because we think that a picture tells a thousand words, we are exploring ways to bring some visualisation features to Artemis starting with (1) CRPs Visualisation; and (2) Countries Visualisation.

 

CRPs Visualisation allows you to dynamically visualise all the CRPs of your specific corporate customer with nodes.  Over time, we will be able to link up common shareholders, common directors so that you will have an even better visualisation of your customers' profiles. Particularly useful for record of UBOs.

Countries Visualisation allows you to view FATF Members, High Risk Countries and UN Sanction Countries using the world map from the background of the Artemis dashboard. Over time, this can be extended to visualise your customers' nationalities, countries of residence etc. to give you better insights into your overall AML/CTF risks.

These updates will be released shortly and clients will receive our usual Artemis Updates Notification.