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.
The risks associated with unclear rules are well-known in the legal field. There are various ways of interpreting them, and opportunities for lucrative briefs. This article, however, discusses automated rules. Some blockchains, such as Ethereum, offer the option of carrying out transactions automatically according to predefined rules.
An evaluation of citations of the Anti-Money Laundering Act (AMLA) of October 10 1997 (AMLA, SR 955.0) in the Decisions of the Swiss Federal Supreme Court (BGE) yielded interesting results. The ten standards in the AMLA that are cited most often are related to the obligations of financial intermediaries, the scope of application of the AMLA and supervision of financial intermediaries. The evaluation illustrates the application of AMLA standards by the Swiss Federal Supreme Court.
Eurospider has carried out a simple experiment with the popular Levenshtein distance string metric. Around 600 names taken from the media were used to search for hits in a test database of more than 1000 entries. For each of the 600 names, the test database contained the full and correct name, which differed from the name used in the media. The names that were found for each of the 600 names were ranked by ascending Levenshtein distance. Finally, yield and precision were determined in the event of the top n ranks being sifted. What can we learn from this?
The Anti-Money Laundering Act (AMLA) defines conditions without specifying how or with what tools these are to be achieved. These conditions are known as requirements. One example is Article 6 of the AMLA, which requires financial intermediaries to clarify the background and aims of politically exposed persons (PEP). In order to do so, they may carry out research online, question the client and/or compare their client base with a commercial PEP list.
In 1924, Albert Einstein wrote: “Tradition first makes the development of ideas possible, but later hinders it.” What held true for the new physics of his time holds true for the compliance processes of today.
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
