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.
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Your KYC Spider Team
P.S.: You will receive the next edition on December 14th, 2023.
The FATF published Switzerland's 4th follow-up report subsequent to the country's last mutual evaluation in 2016. The FATF acknowledges the progress made by Switzerland, especially with the revision of the AMLA adopted in March 2021. Nevertheless, further improvements are needed in a number of key areas to ensure a high level of integrity in the financial centre.
In this report, the FINMA identifies nine significant risks for the financial sector. Compared to last year, FINMA has identified two new risks: those relating to liquidity and funding as well as to the outsourcing of business activities.
As many as 48 countries committed to a tax-transparency standard starting in 2027 which will provide for the automatic exchange of information between jurisdictions to combat tax evasion on crypto exchanges, according to a joint statement and individual announcements by the U.K., Singapore, and Luxembourg.
When: 23.11.2023 Time: @ 10h CET in German, @ 11h CET in English Length: Approx. 15-20 minutes Theme:How to save time and further resources on deep dive EDD investigations with focus on AML risks, ESG risks and social media screening.
Zwischen 2 und 17 Milliarden Franken investiert die Schweiz den kommenden 7 Jahren in digitale Signaturen. Wie dieser Betrag zustande kommt und wie das Vorgehen von eOperations zu bewerten ist, wird in diesem Artikel beleuchtet.
This in-depth Merkle Science article outlines the regulatory gap which currently exists in digital assets, the risks it presents to individual stakeholders and the overall financial system. The role of blockchain analytics and technology solutions for market participants, investors, and government agencies to work together to operationalize prevention, detection, and enforcement of illicit activity on the blockchain is also looked at.
Interest in sustainable finance has increased tremendously, driven by international initiatives to combat climate change and promote sustainable development. However, the significant international capital flows toward environmental, social and governance (ESG) investments also poses the risk that financial institutions will call products sustainable that are not.
Many Swiss companies will have to comply with new reporting and due diligence requirements on non-financial topics (e.g. governance, CO2 emissions, human rights, anti-corruption), conflict minerals and child labor from 2023. The ESG Risk Monitor supports companies with various digital tools in ESG analysis along the entire value chain, efficient ESG data management and ESG reporting.
Die neueste Colombus Consulting’s Studie zeigt auch in diesem Jahr eine positive Entwicklung im digitalen Bereich, mit zahlreichen Neuerungen. Das Wachstum ist jedoch nicht mehr in allen Bereichen zu beobachten.
FINMA News keeps you up to date with the latest information and updates by the FINMA, SECO and WBF. You can filter for sanction updates, news’ items and information by sector or category, or arrange them by year.
Swiss National Bank Chairman Thomas Jordan said the central bank's interventions during the fall of Credit Suisse were "crucial" to avoid a "financial crisis."
The finalized rules, set to be published in the EU's official journal, force crypto firms to report on customers' holdings to be shared between tax authorities.
Terrorregime wie die Hamas und Nordkorea sowie andere Verbrecher profitieren von Kryptogeld und dessen Wäsche. Die USA wollen Transparenz rund um Krypto-Mixer.
Privacy pools are a tool for achieving privacy in decentralized digital economies. While imperfect, they are a promising first step in demonstrating that user privacy AND regulatory compliance don't have to be mutually exclusive concepts.
Rules for crypto asset promotion which came into force in the UK at the beginning of October have led to some confusion, judging from the low level of compliance. The Financial Conduct Authority (FCA) responded with additional guidance for crypto firms to help them fall into line.
Proponents of crypto tokenization have long boasted that it is a killer app for financial services. So why after nearly a decade and top tier backers like Goldman Sachs to McKinsey and, hasn’t it gained any traction.
The Helvetia Phase III pilot will create a tokenized version of the franc as a settlement instrument between financial institutions for digital assets on the exchange.
The Federal Department of Finance (FDF) will draw up a proposal for implementing the Federal Council's position on the prevention of greenwashing. After evaluating the input from the members of the working group, the FDF has decided to implement the Federal Council's position by proposing principles-based state regulation at ordinance level. Such regulation could be supplemented by industry self-regulation.
The Swiss government’s plans to crack down on greenwashing is a welcome move but more transparency is needed to separate genuine climate action from good public relations. Last week the Swiss government announced the finance ministry will draw up a bill aimed at preventing greenwashing. The decision comes amid a wave of allegations against companies and banks that they overstated their sustainability credentials.
Der WWF hat zusammen mit Bain & Company den Einfluss von 21 Schweizer Unternehmen mit einem Umsatz von 350 Milliarden Franken auf die globale Biodiversität untersucht. Die Studie erläutert, welchen wirtschaftlichen Risiken die Firmen durch den Biodiversitätsverlust ausgesetzt sind, wie sich ihr Engagement systematisieren lässt und welche Chancen sich daraus ergeben.
Sustainability reporting is becoming an increasingly critical tool as organisations strive to navigate this new landscape shaped by environmental, social, and governance (ESG) factors.
AI, machine learning, the Internet of Things, and other technologies can play a critical role in decarbonization, and the cloud can significantly speed up and catalyze this process.
Technologisch wird in Bezug auf KI oftmals von einer neuen Ära gesprochen, die 2023 eingeläutet wurde. «Solche Entwicklungsschübe geschehen in etwa alle zehn Jahre. Ist das Muster diesmal ähnlich, stehen wir erst am Anfang der KI-Ära».
Swiss companies recognise the potential of green hydrogen and are pushing ahead with development. But without a government strategy, the Alpine state risks being left out of European plans to capitalise on this carbon-free fuel. Green hydrogen is considered the "Swiss army knife of decarbonisation."
Ministers intend to unveil formal proposals as early as January after consultation that closed earlier this year. The push follows concerns in the UK and elsewhere about a largely unregulated sector that wields broad influence over trillions of pounds worth of sustainable investments.
ESG-Kontroversen zum Trotz: US-Firmen sind offener als noch vor einigen Jahren, mit Vermögensverwaltern einen Dialog über nachhaltigere Geschäftspraktiken zu führen.
Zahlreiche Schweizer Banken und Vermögensverwalter haben Post erhalten vom Bundesamt für Polizei (Fedpol). Es sind Hinweise im Zusammenhang mit der Hamas, zusammengefasst auf drei Seiten. Darin schreibt das Fedpol, dass Terrorfinanzierung «häufig unter dem Deckmantel von Spendenaktionen für humanitäre Hilfe durchgeführt» werde.
Singapore’s financial regulator will conduct an on-site inspection of Credit Suisse Group AG after at least one of its customers was charged for money laundering in a scandal that has rocked the city-state. The planned inspection underscores the seriousness of the scandal which has ensnared at least 10 domestic and international banks in the Asian financial hub. More than $2billion of assets have been seized from a group of alleged money launderers with Chinese origin.
Children exploited by drug gangs face the same plight as child soldiers forced into killing and maiming people for criminals and cartels, the EU has said, as it launched a series of initiatives to crack down on cocaine smuggling.
When: 23.11.2023 Time: @ 10h CET in German, @ 11h CET in English Length: Approx. 15-20 minutes Theme:How to save time and further resources on deep dive EDD investigations with focus on AML risks, ESG risks and social media screening.
Wann: 24.11.2023 @ 14:00 Uhr, auf Deutsch Themen:Definition Know Your Customer, Sorgfaltspflichten der Banken, Ablauf eines KYC-Prozesses, Aktuelle Herausforderungen für Banken, Die Zukunft von KYC.
Wann: 24.11.2023 @ 14:00 Uhr, auf Deutsch Themen: Hintergründe des Stresstests, Methodik des Klimastresstests, Szenarien des Klimastresstests, Physische & transitorische Risiken, Bewertung der bisherigen Ergebnisse
Wann:14.12.2023 @ 14:00 Uhr, auf Deutsch Themen: Übersicht über die Rechtsgrundlagen von AML in den USA, Wesentliche Unterschiede zwischen den GWG-Vorschriften in Deutschland und in den USA, Extraterritoriale Anwendung der US AML-Vorschriften, Beispiele für die Auswirkungen von US-Regelungen in anderen Ländern
Curentis, 14.12.2023
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