Tobias Bumm/ January 13, 2020/ Uncategorized

In 2020 this blog will keep covering diverse topics and provide updates on regulatory changes and developments. Due to the ongoing progress of digitisation and the obligation to implement new directives to fight financial crime, harmonise payment standards or increase consumer protection, the regulatory environment will remain complex and fast moving.

But first a review of the most popular topics last year.

These were the most read articles in 2019:

1. Virtual IBAN & Virtual Bank Accounts – the new Power Tool?

Virtual IBAN and virtual bank accounts are tools that allow companies to save time and money and manage their book keeping more efficiently. The use of both products reduces the number of physical bank accounts needed and facilitates the display of different company entities. But what has to be considered from a compliance point of view when deploying these virtual devices?

2. KYT is the Future of KYC

„Know Your Customer“ (KYC) have been obliged financial institutions since the fourth EU Money Laundering Directive. Since then processes and systems have been implemented in the financial sector that allow risk classifications and transaction monitoring. But the KYC regulations alone are often not sufficient enough in order to detect suspicious cash flows. “Know Your Transaction” (KYT) has therefore been declared the new objective. This blog article explains how a successful transaction monitoring can be reached.

3. Compliance as a Service – the Financial Sector in the Clouds

What is the meaning of the terms Cloud Computing and SaaS? And how can compliance profit from agile solutions? Numerous opportunities and advantages arise for the financial sector from a cloud-based strategy against financial crime – as long as regulations regarding safety and confidentiality are being respected.

4. Christmas comes but once a year – Gifts versus Compliance

Gifts and benefits from business partners often lead to questions and uncertainty amongst corporate employees. A lot of companies aim to prevent corruption by implementing internal gift guidelines. Ultimately, the control and decision on what is acceptable lies with the compliance department. Mobile apps help to collect data and to screen whether the guidelines have been observed.

5. AI and Compliance – a longterm relationship Risk and Compliance usually have to deal with huge amounts of data and therefore gain from computer-assisted analysis. Different areas within the financial sector profit from the application of artificial intelligence (AI) in order to comply with internal and external requirements.