KYC/Risk Assessment & FATCA/CRS solutions for Cyprus Companies 

The responsibilities of Compliance Departments within organizations have significantly increased over the last few years and a software solution that accommodates the latest Cyprus and International developments, as well as constant changes in the AML legislation is a must.

Failure to have proper policies and procedures in place may question the due care and diligence used by the firm or individual member involved.

There are different AML solutions in the market, but a decision must be made for the one that satisfies the AML directive.

WiseBOS AML software is one of the most comprehensive AML solutions in Cyprus which has been developed and maintained by eBOS Technologies Ltd with the close collaboration of GP Global Ltd. The software has been designed to accommodate all professionals including accountants, lawyers, Fiduciary firms in order to comply with requirements of the AML directive.

WiseBOS AML software assists companies to meet and comply with the above law and regulations both in terms of KYC documents and actions monitoring (including a dynamic check list for the mandatory KYC documents and actions), and Risk based Assessment performed through a risk evaluation wizard and other mechanisms, which is built based on advanced scoring and metrics models. Moreover, the solution provides a risk analytical score report as well as a detailed Economic profile of the company, which contains, apart from all information related to the company structure, information on risk assessment, status of the entity (if PEP), as well as details on company’s activities, transactions, turnover, investments etc. Apart from document management capabilities and workflows the software also accommodates the ability to file Internal Suspicious reports, which are accessed and reviewed by the Compliance Officer enabling further relevant actions and measures.

With the automatic and dynamic reminders and alerts, advanced reports, share diagrams, state of the art dashboard and statistics, the WiseBOS AML software proves to be a critical asset for Compliance departments that will have the opportunity to effectively manage and monitor all clients with a click of a button. WiseBOS AML has been in the market for over 2 years and is currently used by a large number of clients in all sectors, scaling from small firms up to International multi office locations firms.

FATCA/CRS Latest Developments

Additionally, WiseBOS AML handles the Automatic Exchange of Information (FATCA/ CRS) that completes the compliance requirements. The deadlines for submitting the reports to the Tax Authorities are fast approaching therefore a system that can automatically collect all information related to the clients becomes a must for the Compliance departments in their effort to effortlessly meet these deadlines. The reports generated are designed on rule-based engines and automatic exporting into the xml files that need to be submitted to authorities without any manual work. Additionally the software determines whether the entity or contact is under FATCA US / UK, CRS or EU DAC Status.

WiseBOS AML is part of the WiseBOS ERP an integrated solution together with the Corporate Legal , which hosts all statutory information of companies like Directors, Secretaries, Shareholders, Attorneys, Ultimate Beneficial Owners, Clients , e.t.c), making them available to the AML solution as well as to other modules which are part of WiseBOS ERP. Corporate Legal is a Corporate Administration software that streamlines and automates the Company Formation and Management process and makes it simple and easy for companies offering Corporate services to standardize their existing processes and workflows. Configurable, scalable, and expandable, Corporate Legal is the most flexible and complete solution for addressing industry-specific and business-specific operational challenges.

To learn more about WiseBOS AML please click here.

 

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