Cynopsis Solutions is proud to sponsor and panel at the 2nd Chartered Secretaries Institute of Singapore (CSIS) Corporate Services Providers (CSPs) Conference 2017. It is a privilege for Chye Kit to be the only speaker who spoke at 2 panels during the event that attracted close to 500 delegates.
We spoke about harnessing technology to stay ahead in a digital economy as well as AML/CTF risk management. Many questions were raised in respect of utilising technology to help comply with regulatory requirements, in particular AML/CTF.
Chye Kit shared his views about whether there is cheap and good solutions available but noted that practitioners should be mindful of trying to "google" themselves out of regulatory requirements. The choice of technology and solutions should be thought through properly in order to convert regulatory burden into a competitive advantage. Early adoption of the right solution will help them stay ahead.
Coincidentally, Panama Papers was raised as a free source of database that practitioners can check against. However, Chye Kit cautioned the audience that given the lapse of time since Panama Papers was leaked in 2016, there is probably little relevance in checking against that list anymore. Our views on this is published here.
Chye Kit also advised the delegates that in choosing softwares and solutions hosted in the cloud, it is important to ask the vendors several questions including:
1. Encryption technology
2. Host location
3. Data/server commingling
4. Server tierring
5. Data privacy
6. Business continuity
At Cynopsis, we place great emphasis in ensuring clients' data is securely stored in Amazon Web Services' Singapore data centers only.
We address questions in relation to customer due diligence and advised to take a practical approach in applying one's mind to CDD as opposed to blindly taking a checklist approach. Access video here.
We found it particularly useful for ACRA to share their views on enforcement and compliance in respect of AML/CTF for CSPs. We summarised key points below:
1. Inadequate Screening - Google clearly insufficient!
2. Insufficient CDD - No independent proof of identity and address!
3. Failure to Customise IPPC - Simply copy ACRA's template blindly!
4. Incorrect Risk Assessments - Need to apply mind properly!
5. Unsure about STR - Lack understanding of red flag indicators!
6. Lack of Staff Training - Training, Training, Training...
This strongly validates Cynopsis Solutions' approach towards AML/CTF. Artemis is designed to address the 4 key pillars of AML/CTF.
Artemis is built from ground up to automate the risk-based approach, record keeping and screening pillars because we understand the regulatory requirements better.
Lastly, we met a number of clients who have come forward to say hello and said good things about us to others. We are very grateful for having supportive clients who understand the true value of Artemis and our unwavering services. It is also heartening to hear good feedback from our clients about them passing the regulatory reviews with "flying colours". This powers our determination to continuously improve our products to stay ahead of our competitors so that our clients can stay ahead of their regulatory curve.