FRIDAY, 30 OCT 2020

 

CONNECT

Facebook Linked In Twitter
GAP Vassilopoulos
GloriaJeans_266x90px
IMH LTD

Petrides Appeals To The Parties To Back The 2021 State Budget

Pilides: Cyprus Seeks To Obtain Increased EU Funds For Businesses And Clean Energy

IMH LTD

SERVICES

brought to you by Barclays

Know Your Client - A Necessity for Cryptocurrency

Know Your Client - A Necessity for Cryptocurrency

Cryptocurrency. At its heart, it’s about privacy: about being able to move, store, and exchange value with complete confidentiality. It’s a new world of opportunity, a decentralised digital cash system with endless possibilities.... But, it’s also incredibly high-risk, associated with a myriad of hazards, and rife with scams.

Each year, billions of hard-earned capital in the form of cryptocurrency is stolen – disappearing into the ether and rendered utterly untraceable. At the same time, the high risk practices associated with cryptocurrency transactions place thousands of companies at severe risk of non-compliance with the ever-growing list of AML regulations.

Of course, as the FinTech and cryptocurrency sectors continue to flourish, so do the instances of money-laundering and its associated criminal activities, including the financing of terrorism... And for those without a stringent system of checks and balances in place, cryptocurrency quickly becomes a minefield that’s almost guaranteed to explode!

It’s not, however, all bad news. As cryptocurrency burgeons, so do the technological solutions which protect oneself, one’s organisation and one’s transactions against such wide-reaching financial crime: solutions which not only mitigate every possible risk but also allow complete compliance with the ever-changing KYC and AML regulations.

                                                               

Providing A Shield Against Financial Crime

Cryptocurrency is an ideal medium for money launderers wishing to transfer unlimited finds and bypass traditional examination. But, while companies have both a moral and legal obligation to thoroughly vet all transactions and clients, using traditional, manual methods has proven an impossibility in terms of time and effort.

The need here is for automated, integrated, and holistic KYC and AML Solutions: solutions which provide an impenetrable shield against the many financial crimes associated with cryptocurrency. With such Solutions, there’s no delay, no room for human error or misinformation: it’s by far the most efficient method of gathering the masses of data required to protect both one’s organisation against ever-increasing money-laundering activities and the never-ending regulatory strictures. And, in this way, the client’s identity is thoroughly investigated, the wealth of data required is seamlessly collected, and the endless checks can be conducted with efficiency and ease.

 

Complete Protection with iSpiral’s Unrivalled Solutions

Providing your organisation with complete compliance, and protecting fully against the hazards of dealing in cryptocurrency, iSPIRAL’s 3 innovative, effective, and multifunctional automated KYC/AML Solutions are unrivalled in their ability.

Delivering a comprehensive approach to KYC & AML, these Complete Solutions are:

iKYC.eu: A software as a Service KYC Web Platform
iKYC API Platform: A Software as a Service API Platform
Premium AML & KYC Compliance Solution: An on-site KYC & AML

 

Effortlessly managing all requirements (no matter the size, scope, or unique requests of the organisation or the scope of the cryptocurrency transactions with which it must deal), these 3 dynamic Solutions solve a myriad of issues. From their seamless, automated onboarding procedures (which ensure that any organisation eliminates fraudulent activities and complies fully with the core principles and mandates of regulatory bodies across the globe), to the many radical AML applications which utilise the latest in Risk Model Methodology, iSPIRAL’s Solutions deliver unmatched data management and protection.

The implementation of Negative List Search, eIDV, and eDV during Due Diligence, the ongoing provision of snapshots of customer profiles, and a host of other processes ensure comprehensive and effortless compliance and fraud detection. All of which ensure that your organisation is completely protected against the many hazards and scams which inhabit this brave new world that is cryptocurrency.

 

MORE ON SERVICES

The ‘New Normal’ – What Is It And What Does It Mean For Pensions And Provident Funds?

IMH and Aon are organising the 11th Pension and Provident Funds Forum on Wednesday 25, ...

Webarts Presents The 7th Advertising, Marketing and Communication Conference

Webarts presents the "7th Advertising, Marketing and Communication Conference" ...

NewCytech Business Solutions Sponsors 4th Project Management Conference

In recognition of the valuable contribution of PMI Cyprus Chapter to the Project ...

FROM AROUND GOLDNEWS

   

Revenue From Tourism Plunges by 84%

Revenue from tourism in August 2020, according to the Statistical Service, reached €71,1 million compared to €431,6 million in August 2019, recording ...
   

European Commission Refers Cyprus To The Court Of Justice For Not Transposing The Trade Secrets Directive

Today, the Commission decides to refer Cyprus to the Court of Justice and to request the Court to order the payment of financial penalties because it failed to ...
   

Relations Between China And Cyprus At Their Historic Best, New Chinese Ambassador In Nicosia Says

The new Ambassador of China to Cyprus, Liu Yantao, assumed on Thursday his duties, after arriving to Cyprus on the same day. A press release issued by ...
   

Global Investment Outlook Conference

IMH is organising the Global Investment Outlook Conference on Monday, 30 November 2020 at 16:00. The event will run online.   The conference aims to ...
   

PwC’s City Resilience Framework: From short-term To Emergency Planning To Long-Term Shock-Proofing

As urban leaders prepare for a new reality caused by the pandemic, PwC has launched a framework that gives cities the tools to manage the immediate threat of ...
   

For Amazon, Apple, Facebook and Google Business Is Booming

Google parent Alphabet Inc on Thursday powered back to sales growth, beating analysts' estimates for the third quarter as businesses initially hobbled by ...
   

The EU27 Condemn Turkey's Recent Unilateral Action In The East.Med

The President of the European Council Charles Michel stated that Turkey has not chosen positive agenda the EU27 offered and now the EU condemns the recent ...
   

Petrides Appeals To The Parties To Back The 2021 State Budget

Cypriot Finance Minister Constantinos Petrides appealed to the parliamentary parties to back the 2021 state budget as it constitutes “the main weapon for ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Human_Resource_07/09-10/11
Invest_Cyprus_12/10-12/12

IMH LTD