CYS INSIGHTS

A Report by CYS Global Remit Legal & Compliance Office Part 5: Strategic Compliance – Technology, Governance, and Future Trends Singapore's leadership in cross-border payments is built on innovation and regulatory foresight. Initiatives to increase connectivity between different local fund transfer networks like PayNow , PromptPay , and DuitNow exemplify regional interoperability. However, rapid technological evolution also introduces compliance challenges, such as: Adapting

A Report by CYS Global Remit Legal & Compliance Office Part 4: Data Localization and Privacy Compliance Data protection laws are increasingly shaping the compliance landscape for payment institutions operating across borders. Jurisdictions like the EU (GDPR), China, India, and Canada impose strict rules on cross-border data transfers, creating a complex regulatory environment that demands careful navigation. Diverse Regulatory Requirements Across Key Jurisdictions Understandi

A Report by CYS Global Remit Legal & Compliance Office Part 3: Licensing and Jurisdictional Complexity Cross-border payment institutions in Singapore face a labyrinth of licensing requirements across jurisdictions. Each country imposes distinct rules, creating a complex regulatory landscape that demands careful navigation and strategic planning. The Global Licensing Maze  Different markets require different approaches, and understanding these nuances is critical for any payme

A Report by CYS Global Remit Legal & Compliance Office Part 2: Operational Gaps – Lessons from Recent Penalties  The Monetary Authority of Singapore's (MAS) recent enforcement actions have exposed critical operational failings across multiple financial institutions, offering stark lessons for the payments sector. These aren't minor infractions – they represent fundamental breakdowns in compliance that carry serious business consequences. What Went Wrong? The penalised institu

A Report by CYS Global Remit Legal & Compliance Office Part 2: How Proliferation Financing Exploits the Cross-Border Payment Ecosystem Introduction  Now that we've introduced what Proliferation Financing (PF) is and why it matters, it's time to zoom in on how PF risks specifically affect the cross-border payment industry. This sector is vulnerable due to its global reach, high transaction volumes, and reliance on complex networks of intermediaries. In this article, we explore

Part 1: An Introduction to Proliferation Financing (PF)  A Report by CYS Global Remit Legal & Compliance Office In the broader landscape of financial crime compliance, Proliferation Financing (PF)  has often received less attention than money laundering or terrorism financing. However, as global regulations evolve and awareness grows, PF is becoming an increasingly important area for compliance professionals to understand. For professionals in the cross-border payment industr

A Report by CYS Global Remit Legal & Compliance Office Part 2: Global Regulatory Frameworks and Governance Models for Generative AI in...

A Report by CYS Global Remit Legal & Compliance Office Part 1: Understanding the Landscape – Generative AI in Cross-Border Payments...

A Report by CYS Global Remit Legal & Compliance Office Introduction  The financial services landscape is experiencing a technological...

A Report by CYS Global Remit Legal & Compliance Office The global payments industry is experiencing a seismic shift in regulatory...

A Report by CYS Global Remit Legal & Compliance Office Introduction  Cross-border payment operations are inherently complex, involving...

A Report by CYS Global Remit Legal & Compliance Office Introduction  Singapore has firmly established itself as the heartbeat of Asia's...

A Report by CYS Global Remit Legal & Compliance Office As blockchain technology advances, its impact on Anti-Money Laundering (AML) and...

A Report by CYS Global Remit Legal & Compliance Office          As blockchain technology promises to revolutionize anti-money laundering...

A Report by CYS Global Remit Legal & Compliance Office         The traditional Know Your Customer (KYC) process has long been a necessary...

A Report by CYS Global Remit Legal & Compliance Office      In today's digital financial world, transparency has become crucial....

A Report by CYS Global Remit Legal & Compliance Office       Imagine a world where verifying customer identities takes minutes instead of...

A Report by CYS Global Remit Legal & Compliance Office      In today’s workplace, silence can often foster misconduct. A vibrant speak-up...

A Report by CYS Global Remit Legal & Compliance Office The Foundation of a Responsible Culture   When implemented effectively, compliance...

A Report by CYS Global Remit Legal & Compliance Office    Fostering an environment where every employee feels valued isn’t just a best...