Author Archives: Tobias Bumm

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.

Coronavirus and its challenges for compliance

Tobias Bumm/ March 24, 2020/ Uncategorized

The corona virus accelerates digitization. But that comes with certain challenge for companies whose employees are suddenly working primarily from home and compliance standards must continue to be met.

A set of rules to protect the financial system

Tobias Bumm/ March 9, 2020/ Uncategorized

In order to protect the financial system from abuse, measures to comply with national and international embargo regulations are required. Filter software systems and their rule sets are of great importance there. However, these must be analyzed regularly to guarantee optimal hit quality.

The Do’s and Don’ts of Passwords – the Keys to our Data

Tobias Bumm/ February 11, 2020/ Uncategorized

Passwords are a necessity in our modern everyday life. But most Germans choose short and simple passwords for a large and increasing number of accounts. This makes it easy for hackers. With these tips, you can securely design and manage passwords to better protect your data.

Santa or Grinch? How do you buy Christmas gifts online?

Tobias Bumm/ December 2, 2019/ Uncategorized

Online shopping is booming. About 98 percent of Internet users are online buyers. No wonder, because it’s the most convenient way to shop and it offers more variety than local retail. But how do buyers find a truly legitimate online retailer and how safe are the offered payment methods? Here are the most important tips, so the Grinch won’t steal your Christmas.