Hundreds of compliance professionals from banks, regulatory bodies, insurance companies, law enforcement and money services businesses gathered at the Marina Bay Sands this week to join in The BIG Compliance Conversation. Cynopsis Solutions is truly honoured to be a part of that Conversation. Currently a fellow of the International Compliance Association (ICA), and a part-time lecturer at International Compliance Training Academy (ICTA), Chye Kit was invited to share how RegTech is supporting businesses in addressing their regulatory requirements.
The BIG Compliance Conversation, is an International Compliance Association worldwide initiative designed to get the global compliance community talking about the key issues of today and tomorrow. It brings together professionals from all over the world to facilitate discussions around the latest challenges and issues faced by members, regulators and financial crime compliance professionals across the globe.
Chye Kit shared with the audience his experience in the compliance industry as well as practical insights of how technology is able to complement regulatory processes to help firms better manage their regulatory requirements such as in the field of Know Your Customer (KYC). In his speech, he highlighted the recent change in the Financial Action Task Force (FATF) Recommendation 15 on New Technologies, which clarifies how Anti-Money Laundering (AML) and Countering Terrorist Financing (CTF) requirements apply to virtual assets. This is important because it sets a very clear expectation that regulators will be looking at how virtual assets are used by individuals and organisations and that, with this increased regulatory scrutiny, therefore driving the need for simple, effective and streamlined e-KYC solutions, such as those developed by Cynopsis Solutions.
“It is critical to understand the fundamentals of regulatory requirements in order to provide a reliable service to our clients. We believe this is what sets us apart from the competition because we built our KYC/AML/CTF Software-as-a-Service (SaaS) products ground up to align and comply with FATF standards instead of trying to fit technologies into siloed verticals,” Chye Kit explained.
In addition to the invaluable sharing session, this event has also provided a window of opportunity for many individuals to strengthen relationships with ICA Members and other like-minded professionals, who are a great source of shared ideas, advice and support.
About Cynopsis Solutions:
Cynopsis Solutions was established in Singapore in 2014 and offers regulatory technology (reg tech) solutions designed to automate KYC processes. It has operations in Singapore, UK, Taiwan and Vietnam. Cynopsis Solutions has been recognized as one of the REGTECH100 – an annual list of 100 of the world’s most innovative RegTech companies as determined by RegTech Analyst, a RegTech intelligence platform.