With major organizations subject to investigations, fines, sanctions and private litigation, AML compliance is at the forefront of global regulatory focus. No firm can afford to ignore the potential consequences of not being compliant with the AML regulations.

With the use of our affordable and comprehensible software we help organisations to spend more time running their businesses and less time on being compliant with AML regulations. 

Therefore, investing in our product helps your entity stay competitive. It reduces KYC/AML compliance costs, prevents fraud and financial crime through automated transaction monitoring and evidently boosts your company’s efficiency and reputation.

How long has the software vendor been in the market? Is the vendor viable?
iSPIRAL is a viable vendor that has been providing software solutions since 2007. Our excessive list of clients such as EY, KPMG, CYTA, Hellenic Bank, Bank of Cyprus, JCC, JANDO, RODELER, 24FX, 24OPTIONS and many more indicate that we hold a strong and permanent position in the market.  Our diverse expertise allows us to approach business challenges from a unique perspective, and evidently deliver the highest quality performance in anything we do. That is how we hold on to our customers!

What experiences other financial institutions had with the vendor and its software solutions?
Our company has provided software solutions to various financial institutions with a few being, Bank of Cyprus, JCC, Hellenic Bank, KPMG, JANDO, RODELER, EY and many more. Our existing clientele can give you feedback regarding our products, customer service, meeting strict deadlines and expertise.

Is the vendor knowledgeable about regulatory requirements?
iSPIRAL works alongside KPMG and other Compliance professionals in order to offer a software solution that is in compliance and up to date with all the regulations that CYSEC requires. We are proud to be 100% complaint with all the on-going Anti- Money Laundering and Know Your Customer regulations set by CYSEC, ICPAC and CYBAR. Our VELOS AML/KYC  solution is vital for any organization in achieving compliance and avoiding fines and suspension.

Does this system offer standardized rules and scenarios? How much customization will be required to adapt the rules to the financial institution’s unique risk profile?
Our VELOS AML/KYC software has incorporated a set of default rules which can be customised according to your company’s requirements. Furthermore each financial institution can create dynamically additional rules. Furthermore we can integrate our solution with any data source. iSPIRAL aims to deliver quality driven tailored solutions that are innovative and also easy to use.

 

 

Myths Facts
The more expensive the system, the better it is Financial institutions usually overpay for such compliance systems. We provide cost-effective yet reliable custom software that contains the necessary functions to meet the long-term objectives of the firm.
 
Technology can resolve all problems Technology alone cannot solve all problems. Instead, technology is just a tool and when used competently by the Compliance team it will bring the results needed.
 
The solution will work immediately without any changes For a solution to work efficiently it should be tailored to meet the financial institution’s unique demands. Here at  iSPIRAL, we have the capability to quickly understand your needs and find an effective way to solve your business challenges.
 
The Compliance department should not have knowledge of making modification on the system.
 
It is important for the Compliance Department of the organisation to understand how the system detects suspicious and fraudulent activities. It is also important to know how easy is with iSPIRAL Solution to make changes required (e.g create new rules, tune your rules).
System will rarely require updates It is critical for us to update our compliance and transaction monitoring software solution and keep up with any changes that are coming from the regulatory bodies.