NCMB Consulting Case Study

THE CLIENT

NCMB Consulting assists local and international clients which use Malta as a base for their commercial activity.

The company offers best-in-class tailor-made service to their clients in a number of areas which include accounting & auditing, company formations, and residency & citizenship, amongst other services.

The services offered bring with them several legal obligations and challenges, including those related to Anti-Money Laundering and related aspects. This is especially more pronounced in the case of clients involved in investment services and fund management.

THE CHALLENGE

From the beginning, the company was aiming to find a solution which was adaptable to their needs, away from having data scattered on different excel sheets and physical files, with the related issues and costs this entails. Yet the solutions they were considering at the time brought about other challenges related to overly complex and inflexible systems.

Benjamin Griscti, Partner and Money-Laundering Reporting Officer at NCMB Consulting explains:

“We wanted a system which was comprehensive enough to cover all our AML and KYC needs, but which was flexible enough to be adapted to our needs. It had to fit in within our workflows and allow us to satisfy international AML standards, but also local regulatory requirements and reporting.

More specifically, we wanted to make sure that customer onboarding remained seamless, while still retaining a complete view of each customer. Document Management was also key for us, as well as automated triggers related to document expiry and other risks.

Finally, we wanted a solution which allowed us to enforce a consistent risk policy across NCMB Consulting, based on our rules and in line with legislation.”

THE SOLUTION

InScope-AML Compliance Software is a solution that assists subject persons / obliged entities comply with Anti-Money Laundering legislation. The software is compatible with the EU 4th Anti-Money Laundering directive which was transposed into law in all EU states between 2015 and 2017.

NCMB Consulting reached out to InScope-AML back in August 2019, already with a good idea of what they needed. The team at InScope helped them refine their requirements further and came back to them with a demo which outlined the different features of the solution and the benefits these would bring to NCMB Consulting.

Having decided to start using the solution, training took place and the people managing these processes shifted their work to InScope. Benjamin explains: 

“There were no disruptions in our workflows and the benefits became evident almost immediately. The solution provides us with a tool to monitor the end-to-end process. The dashboards give us a 360-degree view of each customer, with direct and indirect ownership and UBOs. Other dashboards provide us with warnings of expiring documents and reminders of when risk assessments are due. We also have access, through the same solution, to ongoing sanction lists and PEP/adverse media searches which ensure that we are always on top of things.

Being involved in financial services also means that whenever costs are involved, we like to understand the ROI, in the form of any resulting benefits, whether these are immediate or long-term. The most obvious returns refer to less storage for documentation being required now and, in the future, and the increased efficiency in the whole process means that less staff will be recruited as the customer base continues to increase. 

The team at InScope provided a solution which not only satisfies AML requirements but a robust technical solution with the highest levels of security and authentication. They continue to support us whenever this is required.”

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