Compliance must constantly implement new regulations and requirements, and the corona year has presented additional challenges. In 2020, this blog continued to report on a wide range of compliance topics, current legislation, and risks and opportunities for compliance in the corona crisis. Among the most popular articles in 2020 were:
According to the International Monetary Fund (IMF), the estimated annual volume of money laundering is two to five percent of global economic output. The EU therefore added further requirements to the existing directive in November 2018 to strengthen the fight against money laundering. These must be transposed into national law by the EU member states by December 2020.
Large sums of money are the norm in the art trade. The identities of buyers and sellers are often kept secret. Ideal conditions for money laundering. However, the new money laundering directive now obliges art dealers to provide extensive legitimation of their customers and to implement internal compliance requirements. This promises more transparency in the fight against financial crime.
Suddenly it was there, the coronavirus presented us with numerous personal and professional challenges. Wherever possible, work was moved to the home office. Due to the sudden digitization, compliance was confronted with a higher risk of cybercrime as well as data protection and other rule violations.
Every time we use an online service, we have to register again, which leads to a variety of digital identities. The EMIL innovation project has set itself the goal of a standardized and verified digital identity. This facilitates the conclusion of contracts and identification of the counterpart in both private and business life. And thus, contributes to increased transparency and a reduction in fraud.
Passwords have become an indispensable part of our everyday lives. However, we are often overwhelmed by the multitude of accounts and log-in data, so we often choose a password that is easy to remember. This makes it easy for hackers to gain access to our data. Their fully automated programs run through all possible combinations in a matter of seconds. With these tips, you can create a secure password.
Due to the constantly evolving regulatory landscape, compliance will remain a complex area in 2021. New requirements such as the EU whistleblower directive, ISO standards or the replacement of the previous IBOR interest rates with new risk-free reference interest rates must be implemented. The “new reality” also requires increased attention and adapted business processes like remote audits.