Money laundering is an international phenomenon. So the tools to fight it must be international too.
Cross-border directives and international Institutions are an important part of the efforts that ensure that the proceeds of crime are not “cleaned” and find their way into the official economy.
And so are the efforts of individual practitioners and firms which must also work to tighten the net.
But it is not that easy.
Many times AML compliance places a heavy burden on these individual practitioners and firms as they battle with strict deadlines and administrative hurdles.
Matt Rizzo, InScope-AML CEO explains: “When we first started InScope-AML, our focus was to assist companies in Malta with simplifying the management of AML compliance. It soon became apparent, however, that our product had international appeal. We had customers here in Malta with offices in other jurisdictions, and InScope-AML could be used in these overseas jurisdictions too with minimal tweaks. We also had cases where companies that did not have a presence in Malta came directly to us.
“Today we are proud to say that InScope-AML is being used by customers in seven other countries besides Malta, including the United Kingdom, Luxembourg, and Isle of Man in Europe, the Seychelles, South Africa and Mauritius in Africa, and St. Kitts and Nevis in the Caribbean.”
Rizzo continues: “The market in Malta is still our largest and most important market. In the coming years, however, we expect that more and more of the company’s revenue will originate overseas. The European market is growing, and we have also set our eyes on Africa and the Caribbean. We expect this growth from our engagement with potential customers directly as well as through our Partnership Programme which is already attracting a lot of interest.
“For example in Africa, we have teamed up with Africa NewLaw, a leading practice that focuses on the transformation of legal services delivery through technology. Our partners are engaging with their market to take AML from a cost centre and turn it into a strategic enabler. Legal Tech is an area which is growing in importance, and we are very much positioned to capitalise on this area in the near future.
“This year we also reached an important milestone in that we achieved accreditation from the ICAEW, a professional membership organisation that promotes, develops and supports chartered accountants and students around the world. The ICAEW has 200,000 members and students in 147 countries.
“And in our quest to make our product more comprehensive, we are also partnering with companies offering complimentary services. Our partnership with Regula is a step in this direction. Regula is a global player in forensic devices and identity verification solutions.”
InScope-AML is a great example of a local company that is capitalising on the opportunities in foreign markets. Undoubtedly, the future is bright.
For more information, please visit the InScope-AML website here.