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.
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.
Stronger controls on traditional financial transactions and more effective systems to identify fraud and money laundering forces criminals to look for new ways to launder money. Often, digital channels and online platforms offer loopholes, especially for small payments. Microtransactions happen often below the radar of law enforcement and regulatory agencies. However, thousands of such small electronic payments can accumulate fast to significant amounts.
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.
Even though we are already used to speech recognition in the car, in smart homes or elsewhere, the progress in deep learning is significant. State-of-the-art AI models can solve the most difficult problems by recognizing complex patterns in real-time. Those intelligent systems can support work flows as an interface between man and machine. targens offers a solution here for speech processing, speech comprehension and speech output with a high degree of linguistic and technological adaptability in German to support the digitization process.
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.
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.
The 6th EU Money Laundering Directive aims to harmonize the criminal liability and the procedural requirements for the prosecution of money laundering in the EU countries and for international cooperation. What does that mean?
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.
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.