Our monthly compliance newsletter (English and German articles) contains many articles worth reading in the areas of regulatory compliance, cryptocurrency compliance, ESG compliance as well as current articles about white collar crime, corruption and bribery.
We wish you an exciting read.
With best regards
Your KYC Spider Team
P.S.: You will receive the next issue on August 24th, 2023.
Banks which build common ground between their compliance functions and business leaders who shape strategy can open paths to better customer experience, greater productivity, and resilient growth.
The new European directive on Corporate Sustainability Reporting and its mandatory European Sustainability Reporting Standards will gradually apply as of January 2024. The AMF proposes a few points that listed companies could consider for the preparation and correct implementation of of this new regulatory framework.
Compliance with Swiss laws and regulations is essential for organizations based in Switzerland while also minimizing reputational and financial risks. Regularly reviewing compliance tasks is advisable to prevent authorities from imposing sanctions for non-compliance.
Dates: 24.8., 21.9., 26.10., 23.11.2023 Time: @ 10h CET in German, @ 11h CET in English Length: Approx. 15-20 minutes Themes: How to save time and further resources on deep dive EDD investigations with focus on AML risks, ESG risks and social media screening.
MME, together with experts from the fields of law, technology, business, science and tax, has co-founded DAO Suisse. The umbrella organization that represents the interests of DAOs with the goal of making Switzerland the place to be for DAOs.
Many Swiss companies will have to comply with new reporting and due diligence requirements on non-financial topics from 2024. The ESG Risk Monitor supports companies with various digital tools in ESG analyses along the entire value chain, efficient ESG data management and ESG reporting.
For companies which are directly dealing with cryptocurrencies, robust KYC, AML and Combating the Financing of Terrorism procedures have to be put in place to ensure compliance with the PSA.
The SECO and the EAER have published amendments on measures against North Korea and in connection with the situation in the Ukraine. The Federal Council issued targeted sanctions in connection with the situation in Moldova and adopted a corresponding ordinance.
In ihrem Bericht zur Finanzstabilität hält die Nationalbank Rückschau auf die Krise der Credit Suisse und fordert Verbesserungen bei der Regulierung. Kritik gibt es am zu starren «Too big to fail»-Regime.
The former head of the Swiss banking regulator has called for an unweighted equity ratio of 10% for big banks and an adjustment to liquidity requirements. This is almost three times more than today. This means that a bank with a balance sheet total of CHF1.5 trillion now needs CHF150 billion put aside to absorb losses, compared to around CHF50 billion today.
Die Eidgenössische Finanzmarktaufsicht Finma fordert einmal mehr mehr Macht. Der Fall Credit Suisse habe gezeigt, dass die jetzigen Kompetenzen der Behörde "in extremen Fällen" an Grenzen stossen würden.
Die Digitalisierung hat das Finanzwesen transformiert, was zu immer neuen Regulierungen geführt hat. Die Folge sind komplexe Regelwerke, sowohl international als auch im Inland.
In this blog, we further explore the various obstacles that Challenger banks are facing today, such as economic and political difficulties, and provide recommendations on how to navigate these hurdles and grow in the years to come.
The modern board of directors provides more proactive direction and oversight on strategy, risk and opportunity management, sustainability, talent management, leadership succession, organizational culture, and even brand management and marketing.
What is not to like about the tiny Swiss city where Vitalik Buterin and his cofounders launched Ethereum? The No. 1 spot on CoinDesk’s Crypto Hubs 2023 ranking has it all: regulatory clarity, crypto-friendly banks and a lively crypto job market and events calendar.
Stablecoins and decentralized finance (DeFi) are likely to become the next targets in the SEC's crackdown on the crypto industry. The SEC may now focus on bringing stablecoins, including the two largest by market cap, tether and USD Coin, and decentralized finance protocols into regulatory compliance.
The FCA’s regulations provide greater legal clarity for developers but place additional compliance burdens on companies marketing cryptocurrencies, says Preston Byrne, a partner at Brown Rudnick.
Crypto is not going anywhere — though Coinbase might — so what the market needs is a fresh start: new exchanges which can avoid the ever-present threat of SEC enforcement by being structured correctly in the first place.
Bitcoin und andere Kryptowährungen haben in den letzten Jahren einen enormen Aufschwung erlebt. Um auf den meisten Bitcoin-Börsen handeln zu können, ist jedoch eine Verifizierung erforderlich. Warum ist diese Verifizierung notwendig und welche Vorteile bringt sie?
The transition to net-zero is a collective effort involving stakeholders at every level and stage of business, government, and society. But how much progress has truly been made towards incorporating ESG as a business norm? Are companies paying lip-service towards ESG or actually implementing, reporting and managing metrics?
Die amerikanische Bank J.P. Morgan berät ihre Investmentbankingkunden vor der Kapitalaufnahme zu ihrem Nachhaltigkeitsprofil. Die Bank hat gegen den Klimawandel seit 2021 schon 482 Milliarden Dollar an Finanzmitteln zugesagt.
With consumer expectations rising and regulatory scrutiny intensifying, pressure is mounting on consumer-packaged goods companies to ensure their supply chains are socially responsible.
New research overturns conventional wisdom on ESG integration. Understanding this research can help investors balance fiduciary duty with honest integration of ESG.
For much of the past decade, with low interest rates and inflation, ESG funds performed at least as well as traditional equity funds, if not better. But while the performance of ESG funds has been hit — at least in the short term — does the story still hold strong?
BlackRock CEO Larry Fink backtracked his support for environmental, social, and governance investing. However, he only pulled support of the phrase ESG, not the concept.
The AMF publishes a summary on the internal processes that aim to ensure compliance with non-financial contractual commitments by asset management companies of ESG/SRI funds.
The Swiss government has long resisted calls to change laws that would improve transparency and force the disclosure of the ultimate owners of secretive companies. Russian sanctions could be a turning point.
The war in Ukraine should be a turning point for Switzerland to change its mindset around transparency. The country has implemented 11 sanctions packages in step with the EU since Russia invaded Ukraine, but how well it’s implementing sanctions is highly disputed.
The European Union formally considers Switzerland a partner country in the implementation of sanctions against Russia over its war against Ukraine. The Alpine nation was formally added on June 23 to the list of countries that set export control measures that are largely equivalent to those adopted by the EU.
The Wagner Group led an armed rebellion within Russia, dramatically expanding cracks between its leader Yevgeny Prigozhin and his former ally Russian President Vladmir Putin.
Swiss authorities are probing a prominent Geneva-based oil trader’s legal arrangements to sidestep Russia sanctions, in a sign the country has begun actively policing its large commodity industry’s ties with Moscow.
Die Swiss Life muss in Singapur wegen Verstössen gegen Geldwäscherei-Richtlinien eine Geldstrafe in Höhe von 200'000 Singapur-Dollar bezahlen. Das sind umgerechnet rund 134'000 Franken.
Die Stadt Frankfurt hofft auf die Ansiedlung der europäischen Anti-Geldwäschebehörde Amla. Ein Kriterienkatalog der EU bringt Vor- und Nachteile zum Vorschein.
Last year, Germany’s financial supervisor BaFin took action against dubious financial services providers more often than ever before. Criminals are forever coming up with new tricks.
Die Antigeldwäscheeinheit FIU gilt als chronisch unterausgestattet und unterfordert. Nach einem Gesetzesentwurf, der ZEIT ONLINE vorliegt, soll sich das endlich ändern.
Die FATF kommt zum Schluss, dass Kroatien nicht genügend gegen Geldwäscherei und gegen die Finanzierung von Terrorismus vorgehe. Auf der grauen Liste stehen neben Kroatien als einziges EU-Land auch Länder wie Panama, Syrien, Kamerun und Vietnam.
In der Türkei sorgen Vorwürfe gegen bekannte TikTok-Influencer für Aufsehen. Weil sie bei Geldwäsche geholfen haben sollen, wurden sie vorübergehend verhaftet.
Dates: 24.8., 21.9., 26.10., 23.11.2023 Time: @ 10h CET in German, @ 11h CET in English Length: Approx. 15-20 minutes Themes: How to save time and further resources on deep dive EDD investigations with focus on AML risks, ESG risks and social media screening.
Wann: 8.3.2023 @ 14h CET, auf Deutsch Themen: Bedeutung und Hintergründe von Modern Slavery, Was sind die wesentlichen Treiber? Verschiedene Typen des Trafficking und dessen Netzwerke, Identifizierung der Risiken sowie Risikomanagement
Curentis, 27.06.2023
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