The International Compliance Association (ICA), the leading professional body for the global regulatory and financial crime compliance community, announced today it has entered into a strategic partnership with Cynopsis Solutions, an award-winning RegTech firm, to advance compliance standards and education globally.
Founded in 2014, Cynopsis Solutions helps companies digitise and automate anti money laundering (AML) and know your customer (KYC) compliance processes in accordance with global FATF recommendations in over 180 countries. The multi-award-winning firm has won a number of accolades for its solutions including the prestigious Monetary Authority of Singapore (MAS) FinTech Awards; it has also been named on the RegTech100 annual list of the world's most innovative RegTech companies as well as the Financial Times Top 50 High Growth Companies in APAC.
As the global regulatory and financial crime compliance landscape becomes more unpredictable and complex, there has never been a greater need for the adoption of robust compliance solutions to help professionals navigate industry challenges and manage risks more effectively at their firm. According to a recent report [1], UK banks and other financial institutions spent £38.3 billion (US $50 billion) on financial crime compliance in 2023, up 12% from the year before, with investment in new financial crime compliance (FCC) technologies accounting for most of the increase in cost.
As the cost of compliance rises globally, regulated firms are required to balance cost with compliance, and invest in the training and development of employees to ensure they remain ahead of the curve, avoid fines and reputational damage. The partnership will see ICA offering the full suite of Cynopsis Solutions FinTech and RegTech services to its global audience thereby helping to foster a more resilient international compliance community. Cynopsis Solutions will join ICA’s extensive partner network to promote ICA’s globally recognised qualifications in regulatory and sanctions compliance, anti money laundering and financial crime prevention undertaken by more than 180,000 practitioners globally. Designed to equip industry professionals with the understanding, skills and behaviour they need to detect and mitigate risk more effectively.
ICA President, Pekka Dare, commented: ‘I welcome ICA’s new partnership with Cynopsis Solutions, combining decades of joint expertise in compliance education and FinTech/ RegTech in the APAC region and all over the world. Compliance and financial crime prevention practitioners need both the right technology and specialist skills to address the complex challenges in their roles. With a plethora of new threats and risks looming on the horizon for regulated firms, I look forward to working closely together with Chye and his team to raise risk management standards.
Co-Founder & CEO of Cynopsis Solutions, Chionh Chye Kit, added: ‘As an ICA Fellow and former tutor to thousands of ICA learners, I have worked closely with the ICA community for a long time. Elevating the collaboration further, we are excited to partner with ICA, a respected authority in compliance education and training, to underscores our commitment to providing our clients with the best compliance solutions and expertise available. Together, we can drive greater awareness and adoption of effective compliance practices globally.’
[1] LexisNexis survey: Compliance costs soared for U.K. banks in 2023, Compliance Week.
Last accessed 08/08/2024