Lexco, a Maltese compliance advisory firm that concentrates primarily on anti-money-laundering controls, is offering a new service to help people with their AML compliance obligations.

The service, which is available to trustees, fiduciaries and other financiers, combines AML automated software with the support of some experienced AML compliance advisors. Lexco's AML head told Compliance Matters that her firm purchased the software "from a third party" and filled it with its own rules, adding: "We inserted questions and scores on the platform. You can do a recorded phone call with the customer and analyse his ID card if he has sent that in already. The platform has a two-way system of authentication. It does all the correct know-your-customer/customer due diligence for non-face-to-face onboarding in line with the AML laws of Malta. The system also does an automated risk score. It does not do news screening or sanctions screening."

Despite that last statement, the firm's press release claims that the service "can flag customers who are subject to financial sanctions."