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Subject:CYFA 6th Seminar

The Cyprus Fiduciary Association organized the 6th seminar titled "Advanced AML Seminar: Economic Profile and Transaction Monitoring - A Case Studies Analysis" in Limassol, October 7th at the Columbia Plaza Venue Centre, and in Nicosia, October 9th at Cleopatra Hotel. The seminar offered practical solutions for an efficient and effective implementation through a number of real-life AML cases studies, both from Cyprus and globally.


Mr. Panos Kyriakides, Commercial Manager of the company, represented eBOS Technologies as 1 of the 4 exclusive sponsors of the series of events of 2020 of the Association. During the course of the seminar we had the opportunity to communicate eBOS Technologies’ point of view and present how technology can be used to mitigate AML risks and how through our WiseBOS ERP Suite, a regulatory technology modular platform, financial crime could be combatted. 


It is a fact that at eBOS Technologies we are committed to innovation by nature and we invest heavily in creating and providing state-of-the art software solutions in the field of information technology, thus accelerating future digital transformation. Advanced RegTech software, in conjunction with Artificial Intelligence being developed, is the way to fully comply not only with new and demanding rules and regulations of financial authorities going into the future, but also the way for automating and digitalising every company’s AML business needs for maximum time efficiency and safety. 


With that in mind, one may wonder why our company has not yet offered a Transaction Monitoring software system that would actually assist in combatting financial crime and assist in AML procedures. The answer is simple; Yes, we do innovate and yes, we do invest in advanced technology and we are always at the forefront of offering products based on the latest technology, but at the same time, we have as principle that our software solutions should be user-friendly, credible, reliable, valid and functional!


The Research and Development department of our company, after carefully studying this issue, came to the conclusion that in order for any Transaction Monitoring system to function rationally, reliably and validly, it must necessarily rely and be based on Artificial Intelligence and Machine Learning (AI/ML) technologies. This position was also confirmed when consulted with renowned and credible consulting organisations from abroad.


This is why, we are now pleased to announce that we have purchased services and hired AI/ML experts to assist our team of software developers, in designing and developing the necessary AI/ML algorithms. In collaboration with many expert consultants in the field, who advise us on issues related to the methodology and implementation of regulations, we will very soon be offering to the enterprise market, a comprehensive, intelligent and dynamic Transaction Monitoring system, which will be based on the latest cutting-edge technologies, with capabilities to provide more enhanced and upgraded features when compared to existing competitive solutions in the market.


Last but not least, the additional advantage for our customers is that our, soon to come Transaction Monitoring module, would have the ability to seamlessly connect with all other modules of our WiseBOS ERP suite, resulting thus, in the increased productivity of a business through a unified management software system.