As part of the Code of Practice project organised by ACCESS (access-sg.org), Chye Kit was invited to speak at a panel discussion to share his views on the various key compliance areas, in particular, Know-Your-Customer (KYC) and Anti Money Laundering (AML).
Amidst the discussion on the importance of KYC/AML to financial institutions, it was highlighted that the current regulation-heavy environment is causing escalating regulatory costs and compliance effort for many financial services firms. Balancing the time and money involved in complying to regulatory standards while focusing on meeting customers’ evolving demands is still a challenge to them.
Speaking about the importance of conducting efficient and proper KYC and AML checks, Chye Kit mentioned, “An effective compliance is vital for institutions to accelerate and improve their onboarding process. Furthermore, by enhancing their KYC processes, institutions can not only ensure they are keeping up with evolving regulatory standards but also boost their competitiveness in the digital global marketplace.”
In light of this, RegTech was also highlighted as an opportunity that can enable industry players to work with regulators efficiently and effectively. Chye Kit further illustrated the importance of embracing the concept of RegTech for the financial industry. Essentially, RegTech aims to simplify and speed up compliance process for many companies, including financial institutions, and will also ensure that the release of new regulatory requirements are automatically addressed in the onboarding of new and existing clients.
Artemis, Cynopsis Solutions’ flagship product, was designed with these challenges in mind and has helped our clients in the financial and professional services sectors streamline their KYC processes, ensuring that they are keeping pace with regulatory changes in a cost and resource-efficient way.
About Cynopsis Solutions:
Cynopsis Solutions was established in Singapore in 2014 and offers regulatory technology (RegTech) solutions designed to automate KYC processes. It has operations in Singapore, UK, Taiwan and Vietnam. Cynopsis Solutions is one of the top 3 MAS FinTech Award 2018 winner, and 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.