A recent circular provided by CySEC assessing the degree of AML and  CFT compliance by regulated entities, identified good practices implemented within the scope of AML and CFT efforts. However, considering the number and nature of weaknesses that were also found, there is considerable room for improvements.

The good practices identified, is a good indication of the Regulated Entities’ strategy to align their business proceedings with compliance specifications. Below follows a brief representation of good practices acknowledged:

• Significant investment initiatives on human and technical resources are implemented within the framework of fighting Money Laundering and Terrorist Financing
• Training addressed to staff members on AML and CFT  is endorsed by organisations 
• Regulated entities strive to achieve Reduction of ML and TF hazards with the establishment of  good Know your Customer (KYC) processes
• Continuous updating with relevant  AML policies as  a means to be ahead of compliance requirements,  is also identified
 
CySEC’s inspections allowed the regulator to have a good overview on weaknesses identified, within the scope of AML Compliance. Some of these relate to the following parameters:
 
• Inadequate Risk understanding as a result of  insufficient customer information 
• Insufficient Due Diligence information throughout the establishment of the business relationship with clients
• Not coherent  customer’s economic profile as a result of not following a Risk Based approach
• Overlooking of important client information as a result of dispersed documentation on customer’s Due Diligence
• Increased possibility of ML risks as a result of poor Transaction Monitoring 
• Some regulated entities still use manual procedures which could be especially damaging on  safe monitoring of Transactions movements and fraud occurrence
• Not consistent and regular risk assessment/risk classification
 
CySEC’s finding especially on the deficiency part is the main focus of iSPIRAL’s RegTech expertise and knowledge. With a particular emphasis on ASP’s, CIF’s, Investment Firms as well as the banking sector we help organizations overcome these shortages.
 
With a clear understanding of CySEC’s vision “to ensure a healthy development of the securities market”, iSPIRAL has developed the most comprehensive approach to any organization looking to update and bring in place good if not excellent AML Practices.
 
Our solutions’s DNA carries the risk based approach in their dynamic and offer products which streamline the above problematic areas of AML Management.
 
How exactly does iSPIRAL excel in this?
 
• Its solutions  embed transaction monitoring with an intelligent Transaction Monitoring Engine - Identify and  manage fraudulent activity
• It provides Ongoing Monitoring for consistent and undisrupted customer risk classification
• In accordance with the  relevant directive of “verification of the identity of non  -face to face  customers”, the solutions offer clever and high impact electronic identity verification solutions
• It has facilitated the provision of Enhanced Due Diligence procedures throughout the business client relationship cycle with constant updating of information
• The solutions provide coherent and efficient Case Management  
 
iSPIRAL comprehends that although a successful customer onboarding rate is good for business and thus profitability, it is not sufficient to keep your AML ethos at high standards. 

If you wish to find out  more on how iSPIRAL can add to your AML procedures, you can visit iSPIRAL webpage www.i-spiral.com or call on +357 24 531975

 

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