Ample Transfers, ADDX, Montrachet Capital, Portcullis Investment and ZICO Asset Management were awarded the Digital Acceleration Grant (DAG) which provides funding support for the collaboration between Ample Transfers, ADDX, Montrachet Capital, Portcullis Investment, ZICO Asset Management and Cynopsis to develop digital solutions to strengthen operational resilience, process efficiency, risk management and customer service. The DAG is part of the Financial Sector Technology and Innovation scheme under the Financial Sector Development Fund administered by the Monetary Authority of Singapore.
We are grateful for the trust and support of our clients. With the launch of Artemis 3.0, we have made significant improvements to the previous version, making it easier for our clients to comply with KYC/AML obligations in a more efficient way.
Problems/Tedious Processes Faced Prior to Industry Pilot
Before the implementation of Artemis 3.0, the manual processes of conducting due diligence were a major concern for our clients. Some businesses would choose to outsource the part of the due diligence process to third-party vendor, where a representative from ZICO mentioned that the long lead time taken from the point when profiles are being submitted for due diligence, to the point when the search results and reports were returned for their assessment to assign risk ratings were very cumbersome. Additionally, representatives from Portcullis also shared that their customer’s portfolios and risk assessments were being tracked manually via excel sheets which leaves room for potential human errors and work inefficiency. Prior to the implementation of Artemis, ADDX was updating their customers’ status manually. Where information is spread across different sources, our clients used to collate data from multiple sources for reporting which can be a hassle.
The CEO of Ample Transfers, Matthew Yap, raised that prior to the implementation of Artemis 3.0, they were looking for a way to pull and consolidate data across their different domains for risk weightage modification before API calls to their partners, which can’t be done in their current system. The inability to identify relationship linkage of a specific Business Owner in the event he/she has several corporate entities was another point raised by Montrachet Capital that they find essential in their business operations, and a good-to-have.
How has the Artemis 3.0 Industry Pilot benefited our Partners?
The launch of Artemis 3.0 has benefited our industry pilot partners significantly. The improved UI and UX of the system helped to enhance business and operational efficiency for our clients. Artemis allows calibration of customer’s risk rating in accordance with individual businesses’ risk appetite and regulatory requirements, whilst screening results are achieved instantaneously, users can choose to retain the system-generated risk rating or override the risk rating accordingly. It also helps businesses to meet ODD obligations and better manage operational risks. (As mentioned by ADDX’s and ZICO’s representatives)
With the enhanced user tasks and management dashboards as well as the improved Relationship Map function, Artemis has helped Portcullis and Montrachet Capital achieve much better management and administrative oversight on the entire CDD process.
Lastly, with the highly flexible permission setting in Artemis 3.0, Ample Transfers can customize access of different compliance tool modules for different product departments.
Here’s what you can expect in Artemis 3.0:
Here’s what our industry pilot partners have to say about Artemis 3.0:
About Cynopsis Solutions
Cynopsis Solutions helps companies digitize and automate AML/KYC compliance processes. Our focus is on know-your-customer, anti-money laundering, and counter-terrorism financing. Cynopsis Solutions’ accolades include MAS FinTech Awards, RegTech100, and Financial Times Top 50 High Growth Companies in APAC. Our end-to-end KYC/AML solutions are designed according to the global FATF recommendations and applicable in more than 180 jurisdictions. We've helped firms across various industries, not limited to Banking and Financial Services, FinTech, Blockchain companies and Designated Non-Financial Businesses and Professionals.