Cynopsis Solutions continues international expansion with the opening of EMEA office in London
- Security , AML and KYC
- 06.11.2018 11:29 am
Automated Know Your Customer (KYC) solutions provider, Cynopsis Solutions, today announces that it is launching its Europe, Middle East and Africa (EMEA) operations from new offices in London.
The firm, which is headquartered in Singapore, provides secure, cost-effective software that streamlines and automates KYC processes. Founded in 2014, it has over 750 corporate clients and 3,500 users globally from financial services, legal, accountancy and fintech industries. In London, it is a member of the Investment Association’s fin-tech accelerator program, VeloCity.
For the majority of small and medium sized firms, Know Your Customer (KYC) remains a labour-intensive, highly manual and time-consuming part of compliance. Few of these firms have the necessary headcount, resources and expertise to deal effectively and efficiently with the increased scrutiny regulators are now placing on KYC as part of a greater focus on countering terrorist financing and anti-money laundering.
Explaining why the firm is launching in London now, Chief Executive Officer, EMEA, Avere Hill said: “Many firms in the region still rely on manual KYC processes, yet few have the inhouse expertise or capacity to fully address the requirements of a KYC risk-based approach, let alone continually adapt to changes in regulation. More and more firms in the UK and across EMEA are looking for a reliable, cost-effective solution that is scalable and future-proofs them for a heightened regulatory focus on KYC. “
The launch coincides with the announcement that Cynopsis Solutions has hired Jack Horncastle as Sales Manager. Jack joins from risk management software provider, RMS. In his new role, he will report to Avere Hill and will support Cynopsis Solutions’ business development across the EMEA region.
“As the global regulatory environment gets tougher, we believe that with this strategic expansion into the EMEA region out of London, Cynopsis Solutions is well-positioned to become the global trusted RegTech solution provider to help clients bridge their regulatory gaps”, noted Chye Kit Chionh, Chief Executive Officer and Co-Founder of Cynopsis Solutions Group.