by InScope-AML

January 25, 2024

Finco Trust – Client Testimonial

Finco is a leading multi-disciplinary professional services organisation based in Malta since the late 1980s. The group offers a number of services that include Investment Services, Corporate Services, Fiduciary Services, Accounting and Tax Services and Maritime and Aviation Services.

The Finco companies have grown and adapted over the years to meet the changing needs of the sectors they operate in, including adapting to increasing regulatory pressures and keeping up with advancements in technology.

We met up with Nicola Attard, Senior Finance Manager and Deputy MLRO at Finco Trust, and Gavin Borg, from the company’s IT Operations Team, to discuss how InScope-AML has helped the company with its management of the AML Compliance function and related reporting to the regulator.

What specific challenges in the management of AML compliance and filling in the FIAU REQ led you to look for a solution to help you with the said challenges?

Nicola: “The Increasing Complexity of AML compliance in the financial sector required the use of an IT solution to assist with all the necessary datapoints. Our companies were faced with the choice of either developing a solution in-house or outsource using an off-the-shelf product. We have found Inscope-AML to not only satisfy all the criteria, but provide such in an easy to use solution which allows us to compile a large part of the REQ by simply accessing the reports provided.”

How would you describe the reporting function of InScope-AML, particularly to generate the information required for the FIAU REQ?

Nicola: “InScope-AML’s reporting function is very user-friendly and is presented in a way that even technology-averse staff can read and understand. Also, the built-in filtering techniques reduce the need for data exports.”

“With respect to compilation of the FIAU REQ, among the other features offered, InScope-AML has given us peace-of-mind that the source of the information is constant year on year, and this allows comparability between submissions. It has also increased our time efficiency for the parts of the REQ which are completed with the help of InScope-AML.“

We then turned to Gavin to discuss some IT-related matters.

Which features or benefits led you to choose InScope-AML as your preferred option over other solutions you may have considered?

Gavin: “From an IT perspective, the choice was between two solutions that also offered an on-prem solution. The system requirements for InScope-AML’s on-prem solution were very reasonable and within reach of our current systems. All InScope-AML features satisfied our business requirements as a licensed entity, and we found the feature roadmap interesting to help automate and support some of our internal tasks.”

How would you describe the migration process from your current system to InScope-AML?

Gavin: “While our current system was made in-house, our systems had a completely different structure to the way that InScope-AML works. Nevertheless, the team at InScope-AML were very accommodating and developed all the necessary toolsets required for the migration to happen easily. Likewise, InScope-AML also provided us with additional testing accounts above the agreed license for training purposes, as well as answered our edge-case questions within same day.”

Finally, how would you describe the support provided by the InScope-AML team throughout this process?

“The team at InScope-AML have always been helpful with any support and custom functionality requirements. They have been very efficient where any critical help was delivered within hours.”

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