XCH has its headquarter in Cyprus.
Since 2013, provides AML Services to significant Financial Institutions in Cyprus which regulated either by Cyprus Securities and Exchange Commission, by Institute of Certified Public Accountants in Cyprus and by Cyprus Bar Association.
From 2015, XCH, is one of the main AML Services provider in Malta. The experience and expertise of XCH, in AML/CTF industry, is one of the key factors for the Financial Institutions regulated by Malta Financial Services Authority, comply with the European AML Directive and with the AML Regulatory Authority Legislation.
XCH Personnel can assists the Financial Institutions based in Cyprus or Malta for:
· AML Audit
· Consulting AML – Compliance Support
· Design and Implementation of Due Diligence Procedures
· Client’s Risk Assessment
· Ongoing monitoring process for Financial Institutions Clients
· Installation of AML Software which is designed by Professional AML Specialists
Both, Cyprus and Malta are current members of MONEYVAL.
MONEYVAL was established in September 1997 by the Committee of Ministers of the Council of Europe to conduct self and mutual assessment exercises of the anti-money laundering measures in place in Council of Europe member states, which are not members of the Financial Action Task Force * (FATF). The effort includes encouraging jurisdictions to improve their anti-money laundering measures in keeping with the FATF Forty + 9 Recommendations and to enhance international co-operation. Currently 28 Council of Europe member States are evaluated by MONEYVAL. In 2006 the Committee of Ministers accepted the application of the State of Israel to join MONEYVAL’s terms of reference and Israel has since been evaluated by MONEYVAL. MONEYVAL also engages in a regular typologies exercise focused on the methods and trends of money laundering activity.
MONEYVAL takes into account the practices and procedures of the FATF in its work. Each of its member countries is entitled to appoint three experts to MONEYVAL. These individuals are selected based on their expertise in legal issues related to national and international anti-money laundering instruments, supervision of financial institutions, and law enforcement matters. There are thrice-yearly Plenary meetings of the Committee at which the national experts consider and adopt draft mutual evaluation reports and follow up reports of evaluated members of members. Additionally, the MONEYVAL membership also includes experts from the past and current Presidency of the FATF and four scientific experts appointed by the Secretary General.
When MONEYVAL (then called PC-R-EV) was formed in 1997, a document containing the terms of reference for the Committee was agreed at the same time. The Terms of Reference have since been amended to extend the mandate of the Committee until 31 December 2010. The amended Terms of Reference also permit FATF member countries to participate as observers in the work of the Committee.
Following the events of 11 September 2001, MONEYVAL expanded its mandate to include countering terrorist financing.
MONEYVAL became an Associate Member of the FATF in 2006.