Human resources is better utilised interpreting data rather than collecting it – particularly when it comes to the often-laborious and highly manual Know Your Customer (KYC) processes. This was the message ringing in the ears of compliance professionals from around the world who attended a session on streamlining KYC at this week’s Big Conversation, hosted in London by the International Compliance Association.
At the session, Avere Hill, co-founder and CEO, EMEA of Cynopsis Solutions, outlined how these e-KYC solutions are helping to ease some of the KYC pain points for compliance professionals. There was general agreement in the room that for many small and medium sized firms, KYC remains a laborious process which takes up a lot of compliance time and resource which could be better utilized in higher value activities.
This comes at a time when regulatory scrutiny on firms’ approaches to addressing anti-money laundering and countering terrorism financing requirements is increasing and being more stringently enforced.
Avere shared with the audience a case study of a Cynopsis Solutions’ client whose adoption of the e-KYC software had helped them cut client onboarding times by 75% and led to a vastly improved customer experience. By automating much of the previously manual uploading and verification of customer data, the firm’s compliance team were able to focus their attention on the higher risk clients and other more valuable tasks.
The packed room discussed how e-KYC solutions are supporting strategic business decision-making by providing compliance teams with enhanced data analytics which allows regulatory information to be quickly and efficiently analysed in various different ways. This includes scenario analysis and horizon scanning for new regulations coming down the line - helping to keep compliance teams, particularly those working across multiple geographies and jurisdictions, keep pace with regulatory change.
Avere closed by outlining that RegTech solutions, such as e-KYC software, are providing compliance teams with the robust data and analytics they need to provide their executives and Board with the information they need around organizational governance, transparency and the proactive reporting of risks and compliance.
Thank you to all those who attended and to the International Compliance Association for hosting such an insightful event.
For more information about Cynopsis Solutions can help streamline KYC processes, please get in touch!
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 is a winner of MAS FinTech Awards 2018 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. Website: www.cynopsis.co Twitter: https://twitter.com/cynopsiss LinkedIn: https://sg.linkedin.com/company/cynopsis-solutions LinkedIn UK: https://www.linkedin.com/company/cynopsis-solutions-uk Facebook: https://www.facebook.com/cynopsis.co/