ChainUp Blockchain Risk Control Compliance product ChainEyes: Helps financial institutions achieve MAS compliance
14 Jun 202316:11
Singapore- On 31st May 2023, the Regulatory and Compliance Subcommittee of the Blockchain Association of Singapore hosted a webinar to discuss MAS's proposal to amend the PSRs, notifications and introduce new exemption regulations for a specific period to accommodate the expansion of the scope of cross-border remittance services, domestic remittance services and DPT services. These are the long-awaited proposed regulations to implement the Payment Services (Amendment) Act.

MAS requires cryptocurrency exchanges to have anti-money laundering (AML) and counter-financing regulatory measures in place and be licensed to operate. For example, Virtual Asset Service Providers(VASP) must implement a risk-based monitoring program to continuously monitor customer relationships, transactions and identify suspicious transactions or activities. Once high-risk customers or complex transactions are identified, VASPs should implement enhanced monitoring measures; VASP shall apply new technologies such as artificial intelligence(AI) and web-based monitoring to improve monitoring efficiency especially in monitoring complex transactions in a big data environment, but still need to manually check and review the monitoring results; VASPs are required to submit periodic reports to MAS including cash transaction reports and suspicious transaction reports as well as notifications; VASPs should take additional customer due diligence and monitoring measures to manage risk for non face-to-face business relationships or transactions; VASPs should carefully evaluate the application of new technologies in this area. 

Based on the recommendations and directions from the workshop, ChainEyes KYT, a global blockchain solution provider focused on blockchain risk control and compliance has conducted an in-depth study of Singapore's 2019 to date AML, CFT, FATF and crypto asset related policies. The study has found that ChianEyes KYT is now fully responsive to many of the changes and recommendations made by MAS including multiple aspects of technology, data, reporting and service capabilities. It can help financial institutions, VAS, VASP and other organizations to achieve compliance response, technical monitoring and data investigation to ensure their business are in compliance with MAS requirements and standards

ChianEyes KYT's current responsive solutions include the following four main areas:

1. Implementing customer due diligence: ChainEyes KYT provides tools such as sanction screening and offending customer screening to help financial institutions, VAS, VASPs, and other organizations implement customer due diligence.

2. Monitoring transactions: ChainEyes KYT provides a transaction monitoring system to detect and report suspicious transactions in a timely manner ensuring that monitoring results are properly addressed, thus helping institutions to be able to better manage risks and compliance efforts such as AML and counter terrorist financing (CFT).

3. Regular reporting: ChainEyes KYT can help institutions submit AML, CFT and other compliance reports to MAS to help their business comply with MAS requirements and standards.

4. Implement technical solutions to comply with FATF travel guidelines: ChainEyes KYT can help institutions regularly review and update their AML and CFT policies so that they are in compliance with FATF requirements.

At the same time, ChainEyes TCR Union has connected with 4 partners and implemented the synchronous sharing of entity sanctions information to assist partners in improving customer due diligence. Alliance partners can authenticate each other through the agreement to avoid transferring private data and achieve FATF compliance requirements. In addition, the alliance partners support ChainUp's other partners in complying with FATF requirements and meeting the requirements of privacy protection regulations such as GDPR.

As a blockchain risk control and compliance expert, ChainEyes has been committed to providing clients with the best risk-control compliance solutions to meet their compliance needs in local operations. Especially in the current rapidly growing digital asset market, ChainEyes' solutions can better assist clients in achieving cost-effective risk control and compliance while efficiently complying with MAS requirements adhering to AML, CFT, FATF and other compliance requirements ensuring the security and privacy of client data.


"If you would like to learn more about ChainUp Blockchain Wind Control Compliance, please contact the ChainUp professional team and we will provide you with a personalized solution to meet your needs."

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