Cyprus’ first FOREX Summit took place on Friday, November 1, at the Carob Mill Complex in Limassol – an ideal venue for the island’s leading industry professionals to discuss market trends and major issues.
Attended by FOREX brokers, investment firms, asset management companies, alternative investment organisations, trust service providers, commercial and retail banks, insurance firms, and regulatory authorities, the Summit emphasised the use of technology, providing participants with a wealth of information on the technological advancements revolutionising the day-to-day business of the sector.
Chief amongst the presentations was that given by Christos Ttiniozou, Managing Director of iSPIRAL. Speaking on ‘How Forex Companies use AI & Data Analytics to tackle AML & Fraud Challenges’, his insightful case study clarified the issues facing the FOREX professionals, and delivered valuable solutions to these industry challenges.
CRITICAL ISSUES FACING THE FOREX SECTOR
“There is a long list of issues associated with the current state of the Forex Market,” Ttiniozou explains. “These include the loss of clients due to time-consuming onboarding processes, the sky-high fines and penalties imposed on non-complying organisations, and the alarming increase of fraudulent incidents.”
The presentation looked at the reasons these issues occur, and highlighted the following:
- Ineffectual software
- Huge volumes of data
- Lack of sophistication in enforcing high-impact AML software automation
KEY SOLUTIONS TO FOREX CHALLENGES
It was the solutions to these problems which most profited Summit attendees. With the benefit of his vast experience in the RegTech industry, Ttiniozou was able to clarify those objectives which must be set by FOREX companies looking to effectively manage their compliance concerns. These objectives include:
- Streamlining compliance processes through the use of advanced technology in electronic document verification, liveness detection, electronic identity verification etc.
- Minimising false positives
- Minimising fraud both upon onboarding and throughout the lifecycle of the client relationship
- Enforcing a strict regulatory framework that diligently follows regulator guidelines
“If we want the FOREX ecosystem to develop and prosper, we must utilise clear processes in KYC and AML management, automatic risk categorisation methodologies, and high functional machine-learning technologies for fraud detection and transaction monitoring,” Ttiniozou adds.
ISPIRAL REGTEK: REVOLUTIONISING THE FOREX INDUSTRY
As a leader in the field of Regulatory Technology, iSPIRAL’s revolutionary REGTEK Platform is amongst the most comprehensive, effective, and streamlined solutions available to those in the FOREX industry.
An end-to-end KYC, AML & Fraud Solution, the Platform delivers tools which minimise Risk Exposure and aid in the fight against money laundering and fraud. A global Solution, the REGTEK Platform can be used in any country around the world, incorporating multiple regulatory body requirements in major jurisdictions and providing FOREX professionals with the precise tools to deal with the ever-changing challenges of their industry.