Most Cost-Effective AML Service Provider

In 2022, EQC reached out to various reputable AML service providers that currently provide sanction screening and client on-boarding services. We performed reviews on their services and their documentation, with an objective in identifying the single system that is most suitable for the needs of CPA practices and TCSP licensees in complying with the AMLO.

Our conclusion was that iFinGate is the most cost efficient and most effective service provider in compliance with the AMLO and the requirements set out by the AFRC and the Companies Registry. Our partnership with iFinGate began in late 2022, and we now extend significant exclusive discounts to our existing clients to their subscription services with discounts up to 56% off annual subscription fees.

Our review was based on the following 8 key parameters:

1) User friendliness of the interface

2) Languages used by the system for sanction name-screening searches

3) Size and source of database for sanction screening

4) Cost competitiveness of subscription services and government subsidies

5) Client on-boarding services and effectiveness of risk-based assessments

6) Client and Technical support

7) Management and Location of Support team

8) Documentation retained for compliance with regulators’ requirements