The increase of regulatory scrutiny in relation to Anti-Money Laundering (AML) and the Counter Funding of Terrorism (CFT) has raised challenges to those industries subjected to such regulations. The importance of implementing and maintaining a resilient compliance and anti-money laundering programme and an internal business risk assessment is a crucial aspect in determining the success of an operation. Non-compliance may pose detrimental and irreparable damage to an organisation’s reputation; and this can in turn lead to very costly repair-work.
The two sides of the coin - perception vs. reality. Outsourcing your compliance function is not an easy decision to take at all! Traditionally many have perceived outsourcing as losing control or a last resort measure. Fear of not knowing what is going on or of experiencing potential data breaches were always at the back of one’s mind when deciding whether to outsource KYC and KYB checks.
Investing in the necessary evil. It is so difficult to start; the world is full of great businesses being put on pedestals as great tokens of success. Apple’s cool gadgets making billions and gazillions….Facebook’s ability to inform and misguide the world with “friends updates” and some rather trendy “fake news”. Google’s super algorithms than can do anything and find whatever you want, subject to being bombarded with marketing, spam and having your life read and interpreted for marketing purposes (did we say you have to accept cookies to read this?).
Recognition from the 2018 European Business Awards showcases QGEN Group’s aim at conducting exceptional and innovative business within the global market, by assisting companies requiring professional expertise and an ethical approach to compliance and KYC/KYB practices. Being chosen is a remarkable accomplishment within today’s tenacious market and sets the bar high for future projects. Damian Mifsud, the group’s CEO, feels that the main driving force behind a consistent top notch service provision is ‘…the ability to evolve and truly understand client’s needs, thereby continously improving the compliance managed service and toolsets. QGen are proud to be nominated for this prestigous award.'