Chris Yap

Management and enhancement of AML Program:

• Optimised KYC/KYB (CDD & EDD) onboarding process which resulted in an increase of 50% more clients (retail & corporate) onboarded after 3 months
• Identification of periodic CDD/EDD reviews not performed, remediated compliantly within 1 month
• Identification of on-chain transaction screening gaps where all Tron network transactions were not screened, remediation is ongoing with 67% completion rate since identification in Feb 2024. This also resulted in identification of 4 STRs filed.
• Implementation of post transaction monitoring for online checkout, merchant POS and fiat deposit/withdrawal transactions

Partnerships

• Visa Principle License (Issuer), ongoing application since Mar 2024, application is 70% completed
• WorldPay (Payment Facilitator), ongoing application since Mar 2024, application is 70% completed
• Liquidity Provider Partnerships, which enhanced daily settlement limits, this also includes feasibility research into stablecoins as an alternative liquidity source.
• FATF Travel Rule resolution for Digital Payment Tokens (DPT) for Dtcpay

Regulatory Liaison

• Active management and handling of MAS queries/request for information (RFIs)
• MAS monthly/bi-annual/annual PSN04 reporting

Licensing

• Dubai Virtual Assets Regulatory Authority (VARA) license application - ongoing (kick-off)
• HK Money Service Operators (MSO) - ongoing
• Luxemburg Electronic Money and Payment Institutions (EMI) - ongoing
• HK Trust and Company Service Providers (TCSP) - Acquired
• US Money Services Business (MSB) - Acquired

• Enhancement/review of internal controls within Transaction Monitoring and cross functional overlaps
• Rule tuning/monitoring – which resulted in a 42% drop in backlog and 25% reduction in false hits
• Regional exchange entity integration and set up of Transaction Monitoring and data storage in accordance to local jurisdiction regulations
• Compliance department reporting – ensuring management is apprised of weekly productivity and proactive escalation of any upcoming blockers
• Resource management – identification and remediation of duplicated work from contract consultants due to data privacy & system limitations in process which resulted in USD 200k/month cost savings with no reduction in BAU productivity
• System enhancements/migration which resulted in a 20% increase in accuracy of true hits and overall operational efficiency
• Management of Regulatory examinations/external audits for Transaction Monitoring
• Review of new product launches to ensure compliance with global and local jurisdiction requirements
• Informal Deputy Head of Transaction Monitoring tenure from Nov 2022.

• Review of gap assessments & internal controls compliance of new/revised regulations
• Review of compliance event reports (Regulatory Breaches), includes Inherent/Residual Impact Assessments
• Review of localisation Group Regulatory Compliance Policy for foreign entities
• Review and preparation of Risk Management Committee reporting
• Management of internal SOPs for the Regulatory Compliance team
• Management of correspondences with MAS
• Provide Regulatory Advisory to business units.

• Provided Regulatory Advisory and Risk Assessment to business units
• Review for Regulatory Compliance of third-party Strategic Partnership proposals
• Review for Regulatory Compliance of recruitment schemes (Sales/Agency)
• Management and creation of communication channels between Compliance and Sales/Agency division
• Main point of contact for MAS liaison
• Management of MAS inspection (IT and Operations)
• Management of regulators for COVID-19 readiness, impact and support for consumers
• Preparation of Comprehensive Risk Assessment Framework and Techniques (CRAFT) submission
• Breach, fraud and incident reporting to regulators
• Management of Raffles exercises (BCP exercises conducted by MAS)
• Led the creation of regulatory reporting matrix for incidents and breaches
• Development of internal policy for communication with Regulators
• Developed SOP, design and implementation of process and controls for the newly formed Regulatory Affairs team
• Management of MAS‘ annual company visit.

• Management and coordination of the Singapore Bicentennial Note (SB) Project involving Country‘s Ministers and President
• Helmed the Pre-Order and Collection System Project for the second batch of SB Notes
• Coordinated banks for distribution of Singapore Bicentennial Notes
• Quality and internal control checks on note production process of SB Note
• Handled the intelligent banknote neutralisation systems (IBNS) project
• Maintenance of the Currency Department’s internal policies
• Procurement of issuance of country‘s legal tender notes.

• Reviewed the AML/CFT, KYC and client onboarding processes of a local and an international bank, which includes Suspicious Transactions Reporting (STR) processes
• Performed credit risk assessment in accordance to MAS 612 on an international Japanese wholesale bank corporate banking department
• Led client engagements, financial audit planning and compliance review
• Conducted financial/operational due diligence
• Performed test of internal controls and substantive testing on Treasury and Investment Banking Divisions for group level audit on an international British bank.