Author Archives: Tobias Bumm

P2P Payments: A Balancing Act Between Ease-of-use And Compliance

Tobias Bumm/ September 28, 2020/ Uncategorized

Peer-to-Peer (P2P) payments are increasingly popular for their simplicity, speed, and global reach. Unfortunately, this also attracts financial crime. But often the responsibilities to fight crime is vaguely split between banks and payment intermediaries. However, both parties are under constant pressure to improve. Not just to keep up with the criminals, but also to keep up with regulators. Overall, the use of P2P payments will most likely increase in the future and therefore trust is crucial for its success.

Artificial intelligence – from fiction to everyday life

Tobias Bumm/ August 23, 2020/ Uncategorized

Artificial intelligence is the simulation of human behavior and it is already being used in many areas of society and the economy. Often, without us being aware of it. In the fight against financial crime, AI-based programs offer the possibility of effective transaction monitoring.

Whistleblower Systems and the new EU Directive

Tobias Bumm/ August 9, 2020/ Uncategorized

The EU Whistleblower Directive came into force in December 2019 to increase the protection of whistleblowers. Now, companies and authorities are required to set up notification systems. Reporting is particularly important in the Corona crisis in order to avoid risks or liability cases and to counter illegal behavior.

Online travel platforms and money laundering

Tobias Bumm/ August 5, 2020/ Uncategorized

While Germany, Spain and Greece were popular vacation destinations in 2018, bookings for North Africa and Turkey are on the rise this year. No matter where to: more and more trips are not booked through a travel agency, but by tourists themselves on online travel platforms. In Germany, 40 percent of bookings already in 2017 – trend rising. The Internet

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The Art of Money Laundering

Tobias Bumm/ July 26, 2020/ Uncategorized

The art market is confronted with a new law, which comes with additional requirements. The 5th EU money laundering directive has been converted into national law on January 10. Now, art dealers and art brokers are obliged to identify clients and to assess risks. Affected are transactions with a value of 10,000 euros or more – not only the cash business, but all other transactions.

P2P Payments Are Booming – How To Use Them Safely

Tobias Bumm/ July 13, 2020/ Uncategorized

Peer-to-Peer (P2P) payments are all about ease-of-use and speed. This option to transfer money between two individuals closely resembles cash exchange, except the two “peers” never have to meet. Alas, every rose has its thorns, these convenient payments come with certain risks. However, considering a few tips, these easy payments can be used safely.

Suddenly Home Office: Compliance Risks In The Corona Crisis

Tobias Bumm/ June 16, 2020/ Uncategorized

In many companies, home office was not common practice before the Corona crisis. Hence, the corresponding changes are significant. Working from home bares the risk of losing sensitive business data, cyber-attacks, or family members’ insight into confidential information. There is also increased potential for compliance violations. In the home office, the employer is also responsible for compliance with legal requirements. Corresponding guidelines and internal whistleblower reporting systems are helpful tools for fulfilling this obligation.

Opportunities for compliance in times of the corona crisis

Tobias Bumm/ May 18, 2020/ Uncategorized

The corona virus has brought about abrupt and drastic changes in our daily lives. The crisis posed several challenges for compliance managers regarding data protection and compliance policies. However, the current situation also offers the opportunity to put existing processes to the test and to advance digitization. And thus to create an efficient compliance management system that creates space for strategic tasks in the long term.

PSD2 makes it possible: More Protection and Transformed Payments

Tobias Bumm/ April 20, 2020/ Uncategorized

The second stage of the European Payment Services Directive (PSD) entered into force on September 14th 2019. Its general aim is to increase security and consumer protection in payment transactions and to promote competition and innovation in the market. For banks and retailers, the implementation of PSD2 is causing a lot of work and effort. Customers must get used to new security questions. Third party providers now have access to account information with customer approval. This creates competition and at the same time potential for innovation, from which all parties involved can benefit.