- 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
4 Tips to Create an Outstanding Compliance Culture
In 2020, Goldman Sachs was forced to pay out $2.9 billion for its role in the massive 1MDB corruption scandal. That’s an awful lot of
