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.

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.

Albert Einstein Portrait

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.

Hand zeigt auf CSR

E-ID is a digital identification method used to verify people’s identities in a trusted, secure way when processing online business transactions. E-ID is a key infrastructure element that makes processing business transactions more cost effective. It can also be used for e-voting and e-health applications. The negotiations in the National Council have shown that there are still some hurdles to overcome.

Complete Revision of the Federal Data Protection Act

The complete revision's draft of the Federal Data Protection Act is currently in political consultation. Data Protection is to be increased by giving people more control over their private data as well as reinforcing transparancy regarding the handling of confidential data.

Links: draft, report

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