Compliance
Compliance (regulatory compliance) means conforming to comply with relevant laws and regulations. Together with KYC Spider in Zug Eurospider has in-depth compliance know-how.
Thanks to the blockchain, cryptocurrencies such as bitcoin and ether feature a publicly visible register of all transactions. This means that all cashflows are traceable. Mixers – or tumblers, as they’re also known – increase anonymity, as we explain below.
Let’s assume that a financial intermediary arranges all customer relationships into 100 risk categories. The first category with the lowest risk level contains the highest number of customer relationships, while the last category with the highest risk level contains the lowest number of customer relationships. Experience shows that the number of customer relationships is distributed according to Zipf’s law. What does that mean for compliance?
A transaction monitoring system identifies higher-risk transactions (art. 20 para. 2 AMLO-FINMA). Statisticians give such tasks the respectful label of ‘ill-posed problems’, as they cannot always be conclusively solved. Statisticians love solving these problems.
Aspiring lawyers are encouraged to come to clear conclusions even in their first semester. Legal consequences take effect if all elements of the offense are fulfilled or if at least one variant of the offense is fulfilled.
Chatbot technology will fundamentally alter interactions between customers and partners. That’s what PWC and the University of St. Gallen predict.
Complete Revision of the Federal Data Protection Act
Complete Revision of the Federal Data Protection Act: „As of 15th September 2017, draft and report for a completely revised Federal Data Protection Act is public. In a first step parliament and the people agreed to adaptations in order to be compliant with EU law. The second part of the revision is debated by the parliament since September 2019. Data Protection is to be increased by giving people more control over their private data as well as reinforcing transparency regarding the handling of confidential data.”
Links: datenrecht.ch
