“Selecting the best AML solution plays a huge part in eliminating risks and protecting your business from being associated with illegal financial activity,” according to the Computime Software.

Using artificial intelligence (AI), AML software works to identify what deviates from the norm as defined by the programmed rules. As such, Computime software urges that the rules must be set up well, in order to filter out suspicious transactions.

Furthermore, the company says that if there are too few or too many alerts of possible suspicious activity based on the number of transactions, it might be a sign that the transaction monitoring system does not work as intended. Therefore, testing and tweaking the software is needed.

Nevertheless, Computime software notes that using the right technology solutions is useless on its own; the hiring of compliance officers with previous investigative and forensic accounting training, along with knowledge of the business line is crucial. It also must be accompanied by proper training to help them what to look for and how to correctly handle generated alerts.

“It is also vital to have a solid controls process, which involves superiors analysing and verifying the results of AML alerts,” the company’s blog entry underscores.

The post Computime Software sees gravity of AML monitoring first appeared on The Malta Business Weekly.

Mr Farrugia has been working with the senior management team for the last 18 months as a business coach. Taking on his new role, Mr Farrugia will continue to chair the Vistage Malta CEO groups and support some of the key clients on their ongoing programmes, while supporting the team with their own development.

In a move hoping to further strengthen the management, the company announced further appointments: Christian Agius as Head of Technology, Charles Mifsud as Head of Products, Kenneth Agius as Head of Financial and Adam Buttigieg as Head of Customer Services.

Earlier this year, Shireburn made an investment in UP Limited, a business coaching and executive development company led by Nathan Farrugia. Mr Farruhia’s previous role as CEO at UP is taken over by Julian Azzopardi, former head of JAYE Malta, a non-profit education institution specialising in providing entrepreneurship education programmes to young people. The UP team also saw the appointment of Desiree Perez Ross as Head Coach, earlier this year.

“I’ve had the privilege of working with the Shireburn team over the past 18 months and am impressed with their competence and commitment, so leading the team is going to be an absolute pleasure. Our aim is to take the organisation through its next evolution, capitalising on the significant recent investments in people and technology to create even stronger products and services for our local and international clients,” said Mr Farrugia.

“Our goal is to keep Shireburn at the forefront of its market and continue to enhance our clients’ businesses through our products. We will continue to invest in our people and their skills to ensure the company remains a leader in the technology space and continues to attract talent, and I expect it to be a very interesting journey,” the new CEO added.

“Shireburn has a 35-year history of delivering software products to local and international companies and thousands of companies rely on Shireburn solutions to manage their respective businesses,” said John de Giorgio. “It is our responsibility to ensure the continuity of Shireburn’s support to our clients’ businesses for the next decades. We see the Shireburn team led by Nathan will provide such continuity,” he added.

“Shireburn has expanded rapidly over the last two years to a team of more than 60, including the establishment of frameworks for more remote workers to join our team. We have worked closely with Nathan Farrugia and his team at UP for the past year to assist and guide our management and team leaders to boost and empower our growing workforce,” Mr de Giorgo said.

The post Shireburn welcomes new CEO first appeared on The Malta Business Weekly.