Concluding The Inaugural Virtual Roundtable Discussion On The Proposed Omnibus Act



We have successfully wrapped up and concluded our participation at the inaugural virtual Roundtable conducted by the Regulatory in Compliance Sub-Committee of the Blockchain Association of Singapore (BAS). Our CEO and Co-founder, Chye Kit, together with a few key veterans speakers in the regulatory industry were invited to discuss the MAS Consultation Paper on a proposed Omnibus Act for the Financial Services sector.


Throughout the 90-minutes virtual webinar, the panelists covered several aspects of the proposed Omnibus Act. Particularly, the panelists discussed the widened scope on the issuance of prohibition orders (POs), where they shared their thoughts on the possible impacts of widening the scope of persons who can receive prohibition orders (POs) and the widening of the impact of POs.


Other highlights of the panel discussion include the discussion on the introduction of the new regulatory regime for virtual asset service providers (VASPs) created in Singapore for Anti-Money Laundering / Countering of Financing of Terrorism (AML/CFT) purposes, and the power to impose requirements on technology risk management (TRM). Lastly, the session ended off with overwhelming comments and feedback from the audiences. Further feedback regarding the MAS Consultation Paper on the proposed Omnibus Act for the Financial Services sector can be submitted to hello@singaporeblockchain.org and the Sub-Committee members will be collating and submitting these feedback to the MAS.


The virtual webinar also marked the formation of the Regulatory and Compliance Committee of the BAS, and we are excited to announce that Cynopsis Solutions joins as a member of BAS and Chye Kit is also now part of the Founding Members of the BAS Regulatory and Compliance Sub-Committee.


We would like to thank BAS for organising the virtual event as well as the fellow key panelists in sharing their thoughts and views about the new proposals and we look forward to participating in similar events in the future.


Check out the video below for the full coverage of content discussed during the virtual webinar: https://www.youtube.com/watch?v=H9AjNx5h2yI&t=1726s


About Cynopsis Solutions

Founded in 2014 and headquartered in Singapore, Cynopsis Solutions offers RegTech solutions designed to digitise and automate Compliance and regulatory processes, in particular know-your-customer, anti-money laundering, and counter-terrorism financing. Cynopsis Solutions’ accolades include MAS FinTech Awards (2018), RegTech100 (2018, 2019) and Financial Times Top 50 High Growth Companies in Asia-Pacific.


Our end-to-end KYC/AML solutions are designed according to the global FATF recommendations, applicable to more than 180 jurisdictions and is already helping more than a thousand B2B customers in the Banking, Financial Services, FinTech and Cryptocurrency, Professional Services and Gaming sectors globally.



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