AML Seminar organised and presented by G.P. Global Ltd
G.P. Global Ltd organised the seminar titled “Risk based Anti-Money Laundering” on November 17th 2017 in Limassol. 

The seminar attended by a great number of participants from different organisations like Cyprus Investment Firms, Administrative Service providers, Funds, Law Firms and Accounting Firms.

The objective of the seminar was to assist participants to familiarize themselves with the Risk based Anti-Money Laundering. 

Mr. George Papanicolaou was the instructor of the seminar and presented many aspects related to the  Risk based Anti-Money Laundering. 

 

Topics covered in the seminar among others were:

  • The areas of the RBA (risk identification and assessment, risk mitigation, risk monitoring, documentation);
  • The role of senior Management in ensuring that AML/CFT controls work effectively;
  • The role of Money Laundering Compliance Officer (MLCO) in overseeing AML systems and controls;
  • The scope and aspects of the role of an effective MLCO;
  • The MLCO role in money laundering risk assessment;
  • Warning signs that may suggest a heightened risk of ML or TF;
  • How to assess risks & apply a risk-based approach;
  • What risks need to be addressed;
  • How to assess risk;
  • The Elements of an Effective RBA;
  • The Interrelation of Risk factors;
  • The benefits of the RBA;
  • The Basis of a Reasonably Designed Risk Based Approach;
  • A Risk Based AML program;
  • Assessing Risk and Developing a Risk-Scoring Model.




The WiseBOS AML software

Mrs. Alina Horatta, from eBOS Technologies, has presented The WiseBOS AML software and how it accommodates the Risk-Based Approach (RBA). The WiseBOS AML handles KYC documents and actions, and also determines the risk level through the risk evaluation which is built based on scoring and metrics, including information on company transactions’ size, movement of funds, etc. Moreover, the WiseBOS AML provides a risk analysis score report as well as a detailed Economic profile of the company. 

The new Module Online Search has also been presented - this will assist organizations to search clients either manually or automatically via a scheduler and also to generate reports.
              
The WiseBOS AML solution key features are:

  • Workflows for KYC documents and actions management
  • Risk classification wizard 
  • Alerts & reminders
  • Ability to perform the company due diligence together with all its related entities from the same screen 
  • Intelligent reports 
  • Company/group structure
  • Manual/Automatic Online Search






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