Avere, our CEO and Co-Founder (EMEA) was invited to speak at the 4th Dutch Caribbean AML and Gaming Regulation Forum that was held from 4-7 June in Philipsburg.
Focusing on the next round of CFATF Mutual Evaluations, the event aims to enhance cooperation, promote greater transparency, and develop best practices in both regulation and compliance for the key stakeholders. The event brought together key industry players and leaders from the Government Departments and Agencies, Suppliers of Services to the Gaming Industry, Gaming Operators and Designated Non-Financial Businesses and Professions (DNFBPs) in the Dutch Caribbean jurisdictions.
Speaking on the topic ‘RegTech’s Potential To Solve De-Risking - Can Technology Help Regulated Firms?’, Avere mentioned that tightening of regulatory requirements and constant reviewing of regulatory framework are neccessary to prevent and deter money laundering and terrorism financing activities. This however, implies inefficiency and higher cost for businesses due to the increased resources needed to maintain a high level of regulatory standards and ensure that they are in compliance. This is where RegTech comes into play - using technology like Artificial Intelligence to drive down costs and drive up efficiency. Avere explained that Cynopsis helps to address regulatory challenges and pain points with innovative solutions that automate the manual Know Your Customer (KYC) and Anti-Money Laundering (AML) screening checks on clients and digitise administrative procedures.
He further elaborated on the key short-term benefits of implementing RegTech solutions in compliance, such as cost reduction for businesses by simplifying and standardising compliance processes and therefore, reducing the need for manual and duplicate checks. RegTech also provides sustainable scalable solutions that provide flexibility for businesses to scale up and down that caters to their needs.
The long-term benefits of implementing RegTech solutions in compliance includes helping businesses to enhance regulatory reporting by fulfilling regulatory-driven activities, such as easing the administrative process of documents filing and submission to the relevant authorities. In a global perspective, RegTech assists governments from different jurisdictions to meet the regulatory board’s agenda by promoting transparency and proactive reporting of risk and compliance.
Avere also met many key stakeholders to discuss about the current regional financial crime prevention efforts, particularly in Dutch Caribbean, based on the latest regulatory developments, business challenges in this ever-evolving sector and innovation opportunities. Not only did he get to share his views about the regulatory practices in his jurisdiction, he had also gained deeper insights into the other jurisdictions’ regulatory development framework.
We are glad to be part of the 4th Dutch Caribbean AML and Gaming Regulation Forum and had the opportunity to share about driving RegTech solutions to ease the regulatory burden in the gaming industry. Exchanging ideas and experiences with the relevant stakeholders has also widened our presence in Europe, the Middle East and Africa (EMEA) regulatory space and we look forward to participating in the next series of the forum.
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 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.