Concluding The Panel Discussion On Financial Crime Updates During CSIS 5th CSPs Conference

We have successfully wrapped up yet another comprehensive panel discussion with Chartered Secretaries Institute of Singapore (CSIS) at Day 1 of their CSIS 5th CSPs Conference yesterday, on 18 November. The 45-minutes panel was moderated by our CEO and Co-Founder, Mr. Chionh Chye Kit, together with Ms. Debby Lim from BlackOaks LLC as the esteemed panelist.

Financial Crime is an ever-increasing threat to today’s economic climate and there are constantly new ways to cover up malpractices and money laundering. After an insightful sharing session and introduction by Ms. Debby Lim on Financial Crime, Chye Kit joined in the later part of the session as a moderator to kickstart the panel discussion with Debby, by answering a series of questions fired by the audiences.

The panel discussion was centered around the topic Financial Crime Updates, where Chye Kit and Debby participated in a high-level discussion to share with the audiences on the recent trends and developments circling financial crimes, the penalties and legal actions on the consequences of financial crimes, as well as a number of useful case studies on financial crimes performed by Corporate Service Providers (CSPs) in Singapore. To help the CSP sector stay ahead of the regulatory curve and be vigilant against cyber and financial crimes, Chye Kit and Debby also shared with the audiences some best practices that companies can implement to prevent financial crimes, as well as some key pointers to take note when it comes to keeping abreast of ways to constantly strengthen their compliance process within the organisation.

Among all the questions received, questions regarding nominee directors were very frequently asked. Chye Kit and Debby also briefly touched on answering the different ways a nominee director can take to safeguard themselves from legal actions taken against them for the wrongdoings of their client, and vice versa. The panelists also highlighted the importance of conducting due diligence for both companies and nominee directors so as to reduce the risk of getting tangled in financial crimes. Last but not least, they also provided useful advice on how CSPs can effectively steer away from compliance breaches by staying compliant to ACRA’s guidelines as well as putting in place preventive and detective controls to mitigate the risk of financial crime as it is increasingly on the rise due to technology advancements.

We would like to thank the event organisers for having us at the conference to share our expertise and knowledge in the panel session. We are extremely honoured to be invited to speak annually at the event series since 2016 and we look forward to sharing more in the upcoming events!

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. | Twitter | LinkedIn | Facebook | Instagram