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iSPIRAL IT Solutions: Comprehensive Compliance with KYC and AML

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The need to remove occurrences of financial crimes, fraud, and criminal actions has directly resulted in many stringent regulations being placed on financial institutions. Without strict monitoring of business relations, the due diligence would be inadequate, ultimately leading to financial penalties and damaged reputation. Cyprus-based iSPIRAL has an in-depth understanding of the complex issues faced by financial institutions while dealing with compliance and risk management. With a prevalent framework of a business approach that undertakes constant risk evaluation, iSPIRAL has developed holistic tools that address risk and compliance thereby enhancing an ethical background and a framework of compliance to work in for the clients.

“iSPIRAL takes a holistic approach to KYC and AML that can handle the entire on boarding process to ensure that their clients can attain regulatory compliance,” says Anastasios Ttiniozou, Executive Director at iSPIRAL. When a user signs up into the system and enters the data, the iSPIRAL KYC & AML software undertakes the document verification process. In the first step, the customer has to take a liveness detection selfie where he has to perform a few challenges, such as moving his head in a particular way. The responses are checked to identify if the user is live, and then the software compares the photo with actual photo on documents such as passport or ID cards. The company then searches negative lists as well as public and private databases (Telco lists, utility lists, governmental lists, electoral lists etc) within each country to verify that the client is who say they are by matching fields like full name, address, tax id, national id.

iSPIRAL goes the extra mile for their clients by calculating the risk rating of each entity they are on boarding. “Unlike our competitors, we can calculate the risk rating for both individual and legal entities with our intelligent algorithm,” adds Ttiniozou. He opines that players in the market usually cover only individuals since the structure of legal entities make them difficult to comprehend and handle. However, the company’s expert compliance team comprehends the dynamic regulatory global landscape thus providing the right input to the developers to incorporate the changes into the software.


All our services can be embedded/ integrated within any ERP or CRM if they use our API’s


The transaction monitoring engine that comes built-in with the iSPIRAL KYC & AML software is another critical element of their solution portfolio. The engine automatically analyzes the users’ transaction activities to check for anomalies. “We trigger money laundering alerts and market abuse alerts before or after a transaction is executed,” says Ttiniozou. The customer only has to plug in the solution, and all these activities run in the background to detect abnormalities in trading activities, deposits and withdrawals. The alerts generated by the engine are then managed through the case management module that handles the whole lifecycle of a Case/Alert. “All our services (document verification, negative screening, positive lists screening, liveness detection selfie, face matching, risk categorization, transaction monitoring) can be embedded/integrated within any ERP or CRM if they use our API’s” adds Ttiniozou.

“Since every organization has their own methods for AML and KYC, we listen to customers, and understand these methods before developing a strategy for them,” says Ttiniozou. The company then demonstrates the solution to their customers and shows the benefits that they can achieve towards compliance by leveraging it when compared to their existing methods of using disparate solutions. This has helped many of their clients who were on the edge of getting hefty fines from regulatory bodies to avoid them.

iSPIRAL has already developed a GRC solution, and it is envisioning integrating all their different elements— AML, KYC, and GRC—into a single suite. They have also established a partnership with another organization to provide a regulatory reporting engine as well. On the geographical forefront, they have established partnerships in Spain, Monaco and the U.K.