It is with great pleasure to share that our CEO and Co-Founder, Mr. Chionh Chye Kit is being invited to speak at an upcoming Industry Roundtable organised by RHTLaw Asia LLP happening on 1 December, to actively discuss on the recent Consultation Papers (CPs) by the Monetary Authority of Singapore (MAS). MAS has invited feedback on two consultation papers regarding regulatory requirements for licensed companies, namely Proposed amendments to capital requirements for locally incorporated Recognised Market Operators (RMOs) and Identity Verification.
As a seasoned compliance officer with extensive regulatory background and having deep expertise in Know Your Customer / Anti-Money Laundering (KYC / AML) area, Chye Kit has been invited to speak and share his views on the consultation paper regarding Identity Verification, alongside other esteemed industry leaders. Tapping on his vast experience, Chye Kit will be sharing his thoughts on the type of information that Financial Institutions (FIs) must use to verify the identity of an individual for non-face-to-face verification (also known as e-KYC) at the roundtable.
As the world becomes more digitalised, cyber attacks such as data theft, scams and phishing become increasingly common as organisations start to store more information online. There are also increasing instances of individual’s personal particulars being stolen and used to perform unauthorised financial transactions through non-face-to-face channels. In order to address the risks of data theft and the misuse of an individual’s particulars, MAS proposed to issue a Notice on Identity Verification to strengthen the level of authentication controls within FIs. Before FIs undertake any transactions for any individuals, they are required to enhance the types of information obtained to verify their identity, as they are not advised to rely solely on information often given out by individuals such as NRIC number, residential address and date of birth to verify their identity.
We warmly welcome everyone to join us in this roundtable webinar as we discuss on the Consultation Paper on Identity Verification.
Date: 1 December 2020 Time: 3PM - 4:30PM (SGT)
To register for the webinar, please click here.
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.