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Launch of Transaction Monitoring Compliance (TMC) System

Contributed by Jarret Tham, Head of Compliance



Since the founding of CYS Global Remit Pte Ltd, one of our key goals has always been to serve our business community with our utmost excellent payment services and to ensure that our corporate responsibilities are diligently met, one of which is to ensure that CYS does not assist in the propagation of money laundering (ML), terrorist financing, and financial crimes (FT).

As a major payment institution, CYS handles large volumes of both cross-border and domestic payment transactions daily. With the advancement of payment systems and methods, this creates an environment which exposes CYS to higher levels of ML/FT risks where malicious actors can exploit advanced technologies to disguise themselves and engage in criminal activities.

Not to fall prey to such activities, CYS has set in motion an initiative to enhance our transaction monitoring capabilities by engaging with CYLYNX Pte Ltd (CYLYNX), a company that specializes in data analytics and fraud detection, to design and develop an advanced monitoring system that utilizes machine learning for monitoring transactions.

Compared to the traditional approach, the data analytic system comprises both machine learning and a rule-based approach which will improve the screening results by reducing the number of false positives generated. It increases efficiency by highlighting and prioritizing high-risk cases and reduces manual review, hence cut down on manpower expenditure. All of this is done in real-time, allowing for quicker response and decisions to be made.

On 28 June 2023, it is our pleasure to announce the official launch of our Transaction Monitoring Compliance (TMC) system after months of gruelling planning, development and testing. This new TMC System would form the basis of our next generation transaction monitoring and compliance program. With further enhancements, we expect our transaction monitoring capabilities to remain robust enough to deter criminals from conducting ML/FT.

CYS would also like to take this opportunity to express our gratitude and show our appreciation to CYLYNX Chief Executive, Mr. Timothy Lin, and his team for their exceptional contribution during the project, providing our development team with the necessary expertise and technical knowledge to ensure that the development is successful. We wish them all the best and look forward to future projects together.

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