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Invest Cyprus 30/04-30/03/2019

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Moebius Sponsors Cyprus Fiduciary Association AML Workshop Series

Moebius Sponsors Cyprus Fiduciary Association AML Workshop Series

The Cyprus Fiduciary Association’s AML Workshop Series recently presented Anti-Money laundering (AML) legislation, and practical solutions for its efficient and effective implementation, to Compliance Professionals and Administrative Services Providers employees interested in compliance developments. The event took place on April 2nd and 4th in Nicosia and Limassol respectively, and was sponsored by Moebius Ltd, developer and distributor of easy-to-use software that solves everyday business problems.

The Prevention and Suppression of Money Laundering and Terrorist Financing Law of 2007-2018 (enacting the EU’s 4th directive on AML), which came into effect in Cyprus on April 3rd 2018, is an example of the many legislations that companies need to comply with. The 4th AML Directive requires a sophisticated risk-based approach to AML instead of just record keeping, a very time-consuming procedure for compliance teams.

The workshop was led by freelance compliance advisor, Yiannis Pettemerides, who explained: “The AML Directive is not a difficult law, but it is a very time-consuming law requiring compliance teams to gather a lot of information about companies, sources of finances, and background checks on associated persons.”

The importance of tools that allow companies to deploy a risk-based approach to compliance by gathering data, ensuring its quality and applying a risk matrix to assessing that data was discussed during the workshop.

Practical solutions were presented by Moebius Senior Business Consultant, Claire Philpott, who referred to the importance of prioritizing time for compliance officers and showcased how Moebius software can help companies efficiently comply with regulatory requirements. One of the many benefits of Moebius is that it can remove the need for duplicating data entry, thus reducing pressure on time and optimising data capture. It achieves this by offering an integrated approach to storing and accessing data, which ensures that data gathered by various disciplines, such as company administration and banking activities, are readily available for compliance assessments and reporting. In addition Moebius Compliance Management delivers a pre-configured rules-based risk assessment engine which can be adjusted to suit the needs of any business reporting to the three regulatory bodies: CySec, ICPAC and the Bar Association.

Philpott said: “We are proud to have sponsored the Cyprus Fiduciary Association’s AML Workshop Series, and to have participated in the event, providing our insights and solutions to some of the challenges that professionals in this industry are facing. Compliance professionals perform several time-consuming activities, such as compiling reports for regulators, monitoring documents and ongoing activities, as well as maintaining corporate information. Moebius Software can help any company – dealing with compliance – save time and meet its obligations effortlessly and reliably”.


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