We have successfully wrapped up another interesting panel with CSIS this week! The approximately 1-hour panel and Q&A session that we had earlier with 3 other esteemed panelists have covered many aspects of the AML/CFT Updates relating closely to the CSPs industry, the digitalisation that comes along with this pandemic, Singapore’s position in terms of regulatory standpoint and many other interesting topics and questions from the floor.
Singapore has come a long way to be where we are today, especially in ensuring compliance with global FATF standards. Kickstarting the session with a very good first question, Chye Kit directed this question to Mr. Hans, the Divisional Director, Compliance Division of ACRA.
Where do you think Singapore's position is currently compared with other jurisdictions needed to comply with similar standards? Are we ahead of the pack? Where do we go next?
Mr. Hans first shared that the success of Singapore is not just the effort of ACRA as a regulator, but across the whole government, where significant effort is invested in to ensure Singapore is up to speed with the FATF standards across the board. Apart from these, Singapore is also actively participating and co-chairing in some FATF working groups of key interests to Singapore, to stay current and ahead of the regulatory curve.
Where Singapore is progressing next, is about how we as regulators can strengthen our ability to constantly review our legislations and guidelines in a timely manner and collaborate more closely and take feedback in a more interactive basis as we shape these guidelines moving forward. Shifting our focus to Digital Economy Agreement (DEA) led us to our second question of the session.
What do you think of the benefits that Registered Filing Agents (RFA) can reap out of Singapore entering into digital economy agreements with other countries?
Chye Kit reckons that DEA will better shape trading relationships with other countries in the new age where many things will be done digitally. In respect of CSPs, they will also be able to tap into these digital economy agreements as they move forward. The attempt to scale up businesses will eventually lead CSPs in a direction of easing registering and incorporating effort via digital approaches.
With that being said, Chye Kit closed this question by bringing our attention to the key infrastructure that underpins a successful digital economy established by the Monetary Authority of Singapore (MAS), who claimed the necessity of digital identity going forward. Singapore is currently ahead of the trend with the establishment of GovTech and MyInfo, it’s a good start for Singapore.
Is there a need for ACRA to explain it’s approach to non face-to-face customer onboarding using technology for RFA? As it seems to be suggesting that non face-to-face onboarding may equate to a higher risk approach.
Mr. Hans shared that as we turned to live with the pandemic as an endemic, it is definitely timely for ACRA to consider these new ways of working and a refresh of the guidelines which he welcomes more input as they work towards it. However, the severity of risks that come along with these new ways of working depends on how we calibrate it in the future.
We hope that the audiences who were in the panel with us are able to take home new perspectives and gain new insights on how the CSPs industry manages themselves in this pandemic in the aspect of AML/CFT. Once again, we would like to thank CSIS for having us at the 6th CSPs Conference, and we hope to see you guys again next year!
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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