Overcoming AML/CTF Implementation Challenges - Accountants

Chye Kit has been invited by ISCA to speak at their 6th SMP Dialogue on 20 April 2017. He last spoke at the 3rd SMP Dialogue in Dec 2015.

With 20 years of experience in the audit, regulatory and Compliance arena, Chye Kit has a wealth of practical experiences to share in respect of overcoming implementation challenges regarding AML/CTF.

Large banks and financial institutions have spent hundreds of millions in Compliance and systems costs (but continue to be sanctioned and fined globally). Does it mean that SMPs have no chance of getting it right? Short answer is no.

Acknowledging that their regulatory obligation in this regard is not optional is the first step to overcoming implementation challenges. Next, SMPs must ensure that practical steps are taken in carrying out appropriate customer due diligence. Although SMPs cannot perform the level of checks as compared to banks, it will still mean that cost of compliance will increase somewhat.

Where SMPs are typically constrained by resources, budget and expertise in the niche area of AML/CTF, consideration must be made to automate and digitise the Know-Your-Client (KYC) process as much as possible in order to for them stay viable.

Chye Kit will share his views and tips on how Accountants can better comply with Ethics Pronouncement 200. Join Chye Kit, ACRA and ISCA and a number of SMPs (who happen to be Cynopsis Solutions customers too) on Managing Risks in a VUCA World.