- Cyprus perception is that corruption/bribery is part of the business world (the expedition of procedures, contract wins etc.)
- Fraud detection is generated primarily from employee tips.
- There is no defined structure for who should be the owner for fraud detection. It is advised that this should be performed at an individual level by providing training, education and ethical guidance.
- Collective effort needed from Regulators, Law entities & Organisations in order to tackle fraud phenomenon. Case investigations might require the input from 3rd parties and request for cooperation.
- Fraudulent behaviour is a component which impacts Anti-Money Laundering
- The technology currently used is basic and on early stages.
- More enhanced systems and controls are needed into the domain that uses advanced analytics that improve the effectiveness and efficiency of decision making in investigations.
- Machine Learning outperforms traditional rule-based AML procedures.
- Biometric software solutions – such as face recognition, handwritten detection – currently available to create partnerships and integrations with.
- Graph Visualization is a great investigation tool for detecting anomalies and patterns
The benefits of real-time transaction monitoring
Real-time transaction monitoring is beneficial for all entities that are vulnerable to money laundering and terrorist financing (ML/TF) such as banks, money service businesses, insurance
