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.
Our second article about name matching and revision dealt with minimizing the risk of false negatives. This third article is about measuring the risk in practice. This is frequently done by testing two or three names, but this kind of layperson’s test has its pitfalls when it comes to compliance.
In the first part, we characterized the name matching problem. In this second part, we will discuss false negatives. According to article 13 of AMLO-FINMA, financial intermediaries must develop criteria to identify higher-risk business relationships.
Also this year in connection with the name Matching numerous questions were asket by auditors. Next year it won't be different, which is why we start with a series of Know How articles about Name Matching.
Public ledger technology such as blockchains gained attention in the last years both in the media and in the economy. This new trend is accompanied by research and development of methods to extract relevant information from such public ledgers.
Jacques Hadamard (1865-1963) was a leading light of French mathematics. He defined the term “well-posed problem”: a problem that has a unique solution that changes continuously (without leaps) with the initial conditions.
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
