Member Spotlight - InScope Limited
Matt Rizzo is the CEO of InScope Limited. In 2017, he co-founded the company with the aim of making the life of people fighting organised crime and money laundering a bit easier by creating a solution that simplifies and automates the processes involved in Anti-Money Laundering (AML) and Know Your Customer (KYC) Compliance Management.
Matt brought with him 18 years of experience in software development to increase the efficiency and effectiveness of AML teams within various industries, including accountancy & audit, tax consultancy, legal, TCSPs, investment, real estate, financial services and similar.
For those who don’t know your company, can you provide some background?
As the fight against money laundering intensifies, there are growing expectations coming from all the parties involved.
To make the life of potential money-launderers more difficult, governments are raising the bar and introducing additional requirements every day.
On the other hand, customers are demanding more seamless and effortless experiences.
Caught up in the middle are affected businesses that need to ensure that they are operating in line with AML regulations, but without putting too much of a strain on the customer’s journey.
At InScope-AML we are committed to making these processes easier and making sure they happen.
Our solution is designed to adapt to your business, rather than require your people and operation to adapt to it, allowing them to focus on what is important, rather than waste time on unnecessary work.
InScope-AML does this by allowing affected companies to bring together in one place all the scattered information and processes, providing a centralised and complete view of their AML Compliance state of affairs through powerful reporting and comprehensive dashboards.
The solution is used by AML professionals in a variety of verticals including accountancy, law, corporate services providers, financial services, real estate, and similar organisations and individuals that are subject to AML compliance regulations.
Using InScope-AML, you can be sure that all the required information has been collected during onboarding and be alerted when things change. For example, when countries are greylisted or a specific customer has been placed on a sanctions list or is receiving negative attention in the media, InScope-AML will alert you and suggest any actions or additional information that needs to be collected.
InScope-AML also makes it easier to compile ad-hoc or regular reports for management and the authorities. This includes the compilation of data for the FIAU’s annual Risk Evaluation Questionnaire (REQ) here in Malta.
But InScope-AML is not only a solution for the Maltese market. Today it is also used by AML professionals in companies in the United Kingdom, Ireland, Isle of Man, Luxembourg, St. Kitts and Nevis, Namibia, South Africa, Seychelles, Mauritius, and Nigeria.
And the list is growing every day.
Can you share a little-known fact about your company?
Research and Development is a very important component in the fight against money laundering as criminals trying to launder their illicit gains are all the time looking into new ways to do this.
At InScope-AML we have our own R&D team building a new class of AI applications to keep us, and AML professionals, on top of the game.
AI can streamline regulatory compliance by automating additional routine checks and reporting over and above what is already being done through InScope-AML, reducing the burden on AML Compliance professionals. So, we are very excited about these developments that will put our customers a few steps ahead and will help them provide a better service to their own customers.
What are you currently working on and what are your company’s plans and strategic priorities for the coming years?
We aim to remain relevant to our markets and the professionals we serve by continuously improving our product by utilising the latest technology and by leveraging our expertise and motivation in the fight against money laundering.
Besides AI, we are investing in customer experience, not only for our customers but also for their customers. Even though we work in AML and KYC, we all hate the complicated processes when these are asked of us. We want to change this and make these necessary processes less painful for businesses and their clients.
Are there any projects/achievements of your company that you are exceptionally proud of?
We take a lot of pride in the work we do as our software protects our clients from reputational damage and keeps them compliant with the law. InScope-AML also provides them with the confidence to expand into new markets, knowing that we have their backs whenever and wherever they choose to expand.
We are also very proud that last year we reached an important milestone in that we achieved technical accreditation from the Institute of Chartered Accountants in England and Wales (ICAEW), a professional membership organisation that promotes, develops and supports chartered accountants and students around the world. The ICAEW has 200,000 members and students in 147 countries.
What in your opinion makes Malta an effective jurisdiction to set up a business?
Since independence, Malta has been at the forefront of providing effective regulation in industries it has focused on. Utilising a proactive regulatory approach has fostered a stable and secure environment for businesses and also attracted international investors and companies seeking a reliable and robust regulatory framework. Malta is continually adapting to global best practices and emerging challenges, and at the same time ensuring that its regulatory landscape remains dynamic and conducive to sustainable growth and innovation.
What kind of people/companies in the financial services community would you want to connect with?
We are interested in speaking to people who are helping businesses manage KYC and AML operations. We are always open to understanding how we can improve our solutions to better serve compliance operations and make the burden on their clients less taxing.
InScope-AML is also even more relevant to companies if they have offices in other jurisdictions besides Malta since our solution can be used in these overseas jurisdictions too with minimal tweaks.
We are also looking for professionals offering complimentary services that can offer a more complete service by partnering with us.