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.
Bad quality master data increases the probability of missed hits; for instance, when matching customer names against names of politically exposed persons (PEP), relevant hits may be missed due to character encoding problems.
The word Compliance is not a headword in the Duden. Wahrig shows compliance only as a medical term, and not in the sense of regulatory compliance; i.e. complying with relevant laws and regulations. Nevertheless, German media have used the word “compliance” frequently sinse 2012.
Names of persons are used to distinguish individuals. In today’s digitized world, the spelling of names matters, since computers compare name strings character by character, unless sophisticated name matching is used. In compliance, very often Arabic names are mentioned. A thorough look at the naming problem, however, has already started here.
A common question concerns the frequency of checks of the customer base. Art. 9 (duty to report) of the Anti-Money Laundering Act (AMLA) is relevant to this question: a financial intermediary must immediately file a report with the Money Laundering Reporting Office Switzerland (MROS) as defined. It is evident that immediate reporting is difficult if the customer base is checked infrequently.
Qualitative methods produce information only on the particular cases studied, and any more general conclusions are just hypotheses. Quantitative methods aim at the systematic empirical investigation of observable phenomena. In compliance, quantitative methods are usually adopted to periodically check the customer base. The results are hypotheses for certain risks that can be verified by qualitative methods for the particular cases.
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
