Newsletter - Oct'16
October has quickly come and gone
Yet another month so full of fond
RegTech Meetups with FinTech Fiesta
Creating yet another shining star
~ EVENTS ~
On 5 Oct, we participated and spoke at FinTech Fiesta organised by RHT Compliance Solutions. It was a fantastic event with more than 150 delegates, primarily from the financial sector, actively engaging in audience polls and Q&A. Our Co-Founder, Chye Kit was invited to speak on a Panel Discussion in respect of the RegTech solutions.
MCA 7th AGM
On 24 Sept, Cynopsis Solutions sponsored the Money Changer Association's 7th AGM. We learned a lot from the MCA members about their AML needs and glad to have launched Artemis Zero to cater to this market segment. Congratulations to our first prize lucky draw winner, Mr. Buhari from Top Xchange who walked away with 1 year free licence and use of Artemis Zero!
On 27/28 Sept, Cynopsis Solutions participated in the first-ever InsurTech Conference where we interacted and learned a great deal from the experts and the delegates coming together to the ecosystem from the insurance sector, FinTech startups and others. Chye Kit assisted in moderating a lively roundtable discussion on the challenging regulatory framework. We had the opportunity to do a Show & Tell recording too. Great fun!
On 20 Oct, Cynopsis Solutions was invited to speak at the regular FinTech Meetup organised by ADDO+ where Chye Kit shared his views on the evolving regulatory environment and the rise of RegTech. A number of interesting questions raised including the "arms race" between the regulator and the regulated in respect of utilising RegTech. We shared the stage with Dragon Law where a robust discussion occured around FinTech meets RegTech & LegalTech.
RHTLaw Taylor Wessing 5th Anniversary
On 17 Oct, Cynopsis Solutions was invited to the RHTLaw Taylor Wessing 5th Anniversary Gala Dinner where we shared the joy of their celebration and wishing RHT many more fantastic years to come.
~ INTERVIEW & ARTICLES ~
Interview with Channel NewsAsia
On 6 Oct, Chye Kit was interviewed by Channel NewsAsia (Asia Business First) on anti-money laundering solutions for FinTech startups in Singapore where we showcase Artemis - KYC Automated. He shared his views about how Artemis can assist FinTech startups in automating pertinent aspects of the AML requirements.
Transforming Beneficial Ownership
On 9 Oct, Chye Kit published an article in LinkedIn about transforming beneficial ownership. He shared his views on commitment by G20 to improve beneficial ownership transparency, emergence of GovTech and Blockchain for KYC as well as how these can potentially be brought together in order to bring benefits to the larger market so that it makes everyone's lives easier from a AML/KYC perspective.
On 29 Sept, Chye Kit published an article in respect of the much-awaited FATF Mutual Evaluation Report on Singapore. He shared his thoughts about the report and where the gaps are. In the current regulatory climate where AML mis-steps are taken very seriously, it is probably timely and necessary for financial institutions and the DNFBPs to take a second look at their current AML/KYC processes. There is only 1 way the rules will go - which is to get more stringent. Buckle up.
~ TECHNICAL STUFF ~
Artemis - KYC Automated
We released 2 improvement versions of Artemis on 3 Oct (V1.7) and 28 Oct (V1.8). Some feature enhancements include
30-day highlight for incomplete customer on-boarding allows you to identify account opening status that remains pending after 30-day since creation.
Virus scanning for document upload is added to provide greater assurance of security threats and controls.
MHA Detention & Restriction Orders and UK HMT Consolidated Lists are added to the Alert & Control Lists. It also allows you to mark a match against relevant search result with time-stamping and audit trail.
Enhanced internet search now provides up to 30 results per search, 20 of which are targeted with lexicons relevant to money laundering, terrorism and other criminal-linked terminologies. Besides, you get a short snippet of the search result without having to click into all the links.
We have updated the scoring for country risks in light of the relevant Mutual Evaluation Reports (MERs) by FATF for its 35 member countries which gives a more granular differentiation of the respective AML/CFT standards amongst them.
For CSP clients, do look out for our next release where we are introducing a secured digital Customer Acceptance Form (based on ACRA's format) that you can send to your clients for them to complete and submit. Data collected will be automatically recorded into Artemis thus making your customer on-boarding process even more efficient.
Athena - Transaction Monitoring
We enhanced the existing rule set of Athena to allow
bucketing of different client types so that you can apply multiple rules with varying parameters to different client groups.
monitoring of deposits and cash top-ups for clients operating Stored Value Facilities.
linking customer with high risk rating identified in Artemis so that the users will be drawn to and can choose to focus more on transactions monitored via Athena that are carried out by high risk customers.
Iris - Balanced Scorecard Framework
We worked out a way to generate Iris quarterly reports in the exact MAS Excel format that encompassed all the macros that were created by the MAS. This enables users to generate the relevant balanced scorecard reports from Iris and with a few additional clicks, the report is ready to be submitted to the MAS without the need to re-key the content into the stipulated MAS macro template.