No one can deny that the Forex industry in Cyprus looks promising and that existing and future brokers show remarkable competitive edge and adjustment to their ever evolving and to some degree volatile environment. It is such an exciting setting to be and operate in, because really Forex companies offer numerous trading options with endless possibilities. The potential and opportunities of the sector is such that a majority of Cyprus based companies have ensured an envious position in the International Forex landscape.
However, what raises concerns and skepticism in the “business case” of operating in a Forex based environment is the “daunting” regulatory framework that surrounds the sector. What is actually interesting, in that although this mindset revolves around the notion that you only regulate, constantly follow guidelines and keep records of compliance is the fact that standards’ setting is a great way for Forex companies to keep up with changes and grow their competitiveness.
Yes, indeed business conduct is more tightly regulated and complex, but with the right tools these processes offer insights of valuable substance. Tools in this case refer to software solutions that can be employed to provide guidance and support. It would not come as any surprise that the compliance/ regulatory framework paradigm works well with technology. The two are perfectly in synk in the way the features of the one (software) meets the strict criteria of the other (regulations / standards).
iSPIRAL is a trusted partner for Forex Companies as it has successfully introduced these solutions for a number of companies becoming their trusted partner along the way. With a simple and friendly to use approach it has developed custom made KYC/AML/ Transaction Monitoring Requirements, Complaint Management Software Solutions that go beyond the essential requirements.
iSPIRAL knows firsthand that business relationships are the cornerstone of the organizations operating in this sector. As such aforementioned solutions manage to:
- Reveal Risks
- Prevent Fraud and Financial Crime
- Boost organization’s efficiency and Reputation
- Reduce Workload and increase work efficiency
- Ensure Visibility and accuracy
By way of introducing these solutions it is ensured that all regulations (CySEC) are met. Also, if there are any concerns with regards to what you already have in place, provision of integration with your existing systems eliminates that, which is another great benefit of these specific software tools provided by iSPIRAL
Last to mention is the fact all the above are managed in a simple and yes, cost-effective way.