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 main advantage of carefully programmed chatbots is that they offer context-based information. A good chatbot doesn’t repeat the same question and doesn’t ask pointless questions that have already been answered. These factors have certainly contributed to the current hype surrounding chatbots, which ZHAW observed in a survey of 926 people from 18 to 25 June 2018.
Eurospider developed a new compliance platform for its partner, KYC Spider, which completely reorganized its processes in line with Industry 4.0 (www.kyc.ch). Networking, information transparency, assistance systems and automated decisions revolutionize the Compliance Factory process.
Our last post discussed how to minimize false negatives to reduce risk and false positives to conserve resources. Yield refers to the percentage of high-risk customer relationships that are discovered through name matching.
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.
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
