The TOP Compliance Topics 2020
Corona and new regulations have challenged Compliance in 2020. A summary of the TOP topics
2812, 2020
Tag Archives: money laundering
2607, 2020
The Art of Money Laundering
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.
2806, 2020
Micro-Money Laundering: From Video Games To Online Markets
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.
0504, 2020
EU’s 6th Money Laundering Directive – What Will Change?
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?
0903, 2020
A set of rules to protect the financial system
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.
1301, 2020
Top Compliance Topics 2019
Compliance will remain a complex and fast moving business also in 2020 and this blog will keep covering and looking at relevant topics from different perspectives. Diverse articles have caught a great deal of attention last year – from virtual bank accounts to KYC versus KYT to gifts and benefits from business partners. Here a complete overview and summary of the most popular topics in 2019.
1408, 2019
Smartphones turn into mobile banks
Despite elaborated systems, financial crime is still an omnipresent topic for many companies. The increasing popularity of so-called direct banks presents compliance with a new challenge.
1007, 2019
Full force against money laundering and terrorist financing!
At full throttle, the European Union is moving forward with the establishment of a legal framework to combat money laundering and terrorist financing. The 5th EU Money Laundering Directive was published in June 2018. Instead of the usual time frame of 24-months, member states are prompted to implement the 5th EU Money Laundering Directive into national legislation by January 10,
0406, 2019
If supervision turns a blind eye or “Stacks of dirty money”
At the end of January, the last 500 bank notes were issued in the euro zone. Exempt were Germany and Austria, where the purple notes were used more frequently than elsewhere. Now both countries followed suit. At the end of April, the grace period for those 500s expired, but the bills in circulation will continue to be valid indefinitely. This
2103, 2019
International Compliance – Obligation or Opportunity?
International Compliance In many countries the number of compliance laws and regulations has multiplied over the last decade. This has led to major discussions and a rapid development of the compliance sector. The pressure is high, but it goes without saying, that all national laws and guidelines must be complied with. For international business, things get even more complicated. While