SATURDAY, 30 MAY 2020

 

CONNECT

Facebook Linked In Twitter
Compliance_29/01-24/09_728x90px
GloriaJeans_266x90px
IMH LTD

Zeta Emilianidou Outlines Measures To Support Employment, Workers And Vulnerable Groups

Cyprus Government: €700 Mn To Counteract Coronavirus Repercussions

IMH LTD
GAP_Group_2019_468x60px

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

UCLan Cyprus Goes Online

In line with the announcement of the Ministry of Education, Culture, Sport and Youth of ...

Blue Air Announces Ticket Change Policy

Bearing in mind the recent developments regarding the issue of coronavirus (Covid-19), ...

Cyprus Airways Announces Changes And Cyprus Airways Announces Changes And Measures Due To COVID-19Measures Due To COVID-19

Due to the developments with coronavirus (COVID-19), Cyprus Airways is taking measures ...

FROM AROUND GOLDNEWS

   

SAP Business ByDesign: A Time-Tested Solution for Fast-Growing Businesses in Cyprus

A business does not have to be big, to be ‘smart’ - regardless of  size, type and sector, every business can utilize ‘smart’ ...
   

Consulco: Ranked as a Top Tier Performer in London Real Estate by Morgan Stanley

Following the recent assessment by Morgan Stanley Capital International, Consulco ranked 15th amongst the 160 competitors that specialise in retail ...
   

Insignia Launches First Ever Clean Payment Card

Perhaps the most unavoidable form of germ transmission occurs through the ordinary use of money and credit cards. Despite the increase in electronic ...
   

A New Global Methodology To Define Cities And Rural Areas

Have you ever asked yourself how Sustainable Development Goal indicators on sustainable cities and communities can be compared if countries across the world ...
   

Cyprus Government: €700 Mn To Counteract Coronavirus Repercussions

Cyprus announced a financial support package of € 700m, equivalent to 3% of the GDP which includes a series of measures, covering health, finance and ...
   

Zeta Emilianidou Outlines Measures To Support Employment, Workers And Vulnerable Groups

Measures to support employment, workers and vulnerable groups of the population  from the effects of the coronavirus protection measures, which are ...
   

High Potential Startups And Economic Resilience

Economic growth without innovation is hard to imagine. The ultimate source of productivity increases is innovation. About two-thirds of Europe's economic ...
   

3CX To Offer Free Communications Solution To Businesses In Wake Of Covid-19

3CX, developer of the award-winning business communications solution, has today announced that they will be offering their software to organizations in Cyprus ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

SAP_Event_19/05-31/05_300x250px
Gold_Digital_Edition_300x250px

IMH LTD