You'd like to find out more about the range of services offered by the msg group? Then visit the websites of msg and its group companies.
26.08.2021 | Daniel Günzel
Compliance in the Cloud - Opportunities and Risks
Software is always a moving target. Software cannot be tangible at all times but is subject to constant further development and enhancement. Even Microsoft announces a new Windows release after having promised to have a final version 10 with incremental upgrades. In the AML compliance sector, i.e., AML, KYC and transaction screening, after a successful go live the next upgrade or migration project is already in progress since new regulations and security features demand enhanced versions. When selecting a new compliance system, there are many questions to be asked - one of which is the "cloud question".
13.08.2021 | Mirko Janyga
Item 6 of the AuA BT - BaFin Concretisations on Monitoring Systems helpful
On June 8, 2021, the German Federal Financial Supervisory Authority (BaFin) concretised the legal obligations for obliged entities pursuant to Section 2 (1) No. 1 of the German Anti-Money Laundering Act (GwG) with the publication of the Interpretation and Application Guidelines (AuA) for credit institutions. As already outlined in the blog post by my colleague Uwe Weber, item 1 of the AuA BT (special section) imposed on credit institutions that the origin of funds in cash transactions must be clarified and the associated verification and documentation obligations must be applied by August 8, 2021.
12.08.2021 | Mirko Janyga
Malta on the FATF's Grey List - Consequences for Obliged Entities according to AMLA
Malta – the centre of criticism for years. As the first EU member state, the country has recently made it to the grey list of the Financial Action Task Force (FATF) due to increased and persistent money laundering and terrorist financing risks. The "grey list" is a global list of countries under increased scrutiny for deficiencies in the implementation of FATF standards.
04.08.2021 | Selina Trotno, Natalie Hürler
From a Backup Register to a Full Register – Are the Alterations by the German Act TraFinG Enough?
With the Transparency Register and Financial Information Act (TraFinG), the German legislature transposes the applicable EU Directives (EU) 2015/839 (Money Laundering Directive) and (EU) 2019/1153 (Financial Information Directive) into German law. The conversion of the transparency register from a backup register to a full register and the EU-wide interconnection of registers are intended to enable a fast and simple communication between the member states and Europol. For this, the EU stipulates the use of structured data records in a uniform data format at country level.
21.07.2021 | Natalie Hürler
Privacy-Enhancing Technologies (PETs) in the Fight Against Financial Crime
Authorities and financial institutions (FIs) are highly aware of the challenge of detecting financial crime. Modern criminals are using increasingly more complex structures and are acting across multiple financial institutions and jurisdictions. Parties, such as FIs, FIUs , and law enforcement, operating alone encounter challenges in the identification and tracing of suspicious behavior.
Contact
msg Rethink Compliance GmbH
Amelia-Mary-Earhart-Straße 14
60549 Frankfurt am Main
+49 69 580045-0
+49 69 580045-9000
info@msg-compliance.com
msg Rethink Compliance is part of msg, an independent group of companies with more than 8,500 employees.
The msg group operates in 28 countries in the banking, insurance, automotive, consumer products, food, healthcare, life science & chemicals, public sector, telecommunications, travel & logistics and utilities industries. msg develops holistic software solutions and advises its customers on all aspects of information technology.