How RegTech can help the gaming industry address increasingly complex regulatory requirements

Cynopsis Solutions’ CEO, Chye Kit Chionh, speaks at the 6th Annual Caribbean & Americas Gaming Regulation Forum

Cynopsis Solutions’ CEO, Chye Kit Chionh, recently spoke at the 6th Annual Caribbean & Americas Gaming Regulation Forum in Miami. Also attending the event was Cynopsis Solutions’ Sales Director, Dan Poh. Organised by GovRisk, the international governance and risk institute, this event brings together regulators, operators and suppliers from across the gaming industry to discuss the latest challenges, opportunities and developments in this dynamic sector.

A key topic for delegates was how the gaming industry can address the increasing challenge of complying to ever more stringent regulatory standards and, in particular, the role of FinTech and RegTech solutions in helping gaming organisations to address these challenges. Coupled with the need to address Anti-Money Laundering (AML) and Know-Your-Customers (KYC) requirements in this dynamic industry, it has become increasingly complicated, labour-intensive and costly for operators to meet the demands of stricter regulatory compliance environments.

Speaking at the forum, Chye Kit explained how RegTech can help the gaming industry address their regulatory requirements. “It is extremely important to prevent fraud effectively before it occurs,” Chye Kit mentioned. He outlined how a robust and comprehensive KYC solution is critical for gaming operators to combat illegal activities and comply with their regulatory obligations.

Artemis, the flagship product designed by Cynopsis Solutions, is an automated KYC solution which enables the operators in the gaming industry to perform KYC checks and ongoing due diligence on their customers quickly, efficiently and securely. This also means that firms can not only be more confident in the robustness and rigour of their checks but also means they have ongoing support with their monitoring and reporting requirements. Many operators in the gaming industry are considering how automated AML/KYC tools can help reduce the occurrence of fraud effectively and efficiently.

About Cynopsis Solutions

Cynopsis Solutions Pte Ltd is a RegTech company founded in 2014 and based in Singapore. We focus on anti-money laundering and counter terrorism financing softwares to automate the manual process and digitise the analogue records and documentation. Our Software-as-a-Service (SaaS) products are deployed in the cloud (Amazon Web Services) using industrial strength encryption, security technology and architecture design to ensure confidentiality and privacy of data stored. The unique proposition of combining our deep regulatory and Compliance expertise with smart use of functional technologies allows us to offer very cost effective anti-money laundering and counter terrorism financing solutions to smaller and medium size financial institutions, professional services companies as well as FinTech start-ups.





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