The latest legislation is set to bring about massive waves in the DNFBPs industry — the Corporate Service Providers Bill that brings significant changes, including a very substantial increase in fines for non-compliance.
As a corporate service provider, failing to meet your duties in with your anti-money laundering (AML) obligations can cost now you up to S$100,000 in fines, a significant increase from the previous penalty of S$25,000!
This bill also includes new requirements, such as mandatory customer due diligence for all of your clients(regardless of residency status) before you can help them incorporate a company.
Many other compliance efforts will also need to be intensified to meet these new regulations, potentially costing you additional effort and resources.
How YOU might unknowing onboarding clients engaged in Money Laundering / Terrorism / Proliferation Funding
As recently highlighted in Singapore's latest Money Laundering National Risk Assessment Report, CSPs are particularly vulnerable to exploitation and implication in money laundering or other fraudulent activities.
Relief Your Compliance Burdens With Cynopsis
Rest assured, Cynopsis is here to support you in staying ahead of the new regulations. Our highly trusted solutions are deployed across heavily regulated sectors such as Banking & Finance, FinTech, Blockchain, and DNFBPs where enhanced due diligence is crucial.
Simplify your customer onboarding through ARES 3.0, and securely digitise their identity information for your further compliance activities.
This data integrates effortlessly with ARTEMIS 3.0, our award winning customer lifecycle management platform that meets all your compliance needs, in one intuitive workflow!
Eager to effortlessly enhance your due diligence processes and stay ahead in the industry?
Book Your Free Demo Book a demo with us today to discover how Cynopsis Solutions can empower your organisation to navigate these regulatory changes with ease.
CSP Referral Promotion
Know any fellow Corporate Service Provider that needs help with enhancing their due diligence processes and staying ahead in the industry? For the month of July,for every successful CSPs clients to us, you can receive eVouchers worth up to S$1,500.
Catch Us At the CSIS 9th Corporate Service Providers Conference!
Eager to stay ahead and find out on the latest developments in the CSP industry? Don't miss the chance to connect with us at the Cynopsis Solutions booth at the CSIS's 9th Corporate Service Providers Conference on July 10th at The Ritz-Carlton, Millenia Singapore!
Our CEO & Co-Founder, Mr Chionh Chye Kit will also be speaking as the panel moderator of the thought-provoking panel on Financial Crimes: The Elusive Chameleon discussion. Gain insights into the intricacies, the latest trends, and how you can play your part in combating financial crimes.
We look forward to meeting you there!
Cynopsis Solutions specialises in utilising advanced technologies to digitise and simplify complex compliance processes, with a particular focus on KYC, KYB, AML, & CFT. Our comprehensive solutions are meticulously designed in accordance with global FATF recommendations and are applicable in over 180 jurisdictions.
Cynopsis Solutions has received several prestigious accolades, including the MAS FinTech Awards, RegTech100 recognition, and a place in the Financial Times Top 50 High Growth Companies in APAC.
We have effectively assisted hundreds of organisations across a wide range of sectors, including Banking and Financial Services, FinTech, Blockchain, and Designated Non-Financial Businesses and Professions.