#rethinkcompliance Blog

#rethinkcompliance Blog

31.10.2022 | Dirk Findeisen

ESG, ABC, Bribery & Corruption

Components of an IT-supported system for business partner & supply chain compliance

Much is being written about and reported on the topic of supply chain compliance, whether this be the German Lieferkettensorgfaltspflichtengesetz (LkSG/Supply Chain Act), the corresponding EU directive that is in preparation, or the extraterritorial laws that have been valid internationally for some time and also affect the supply chain such as the UK Bribery Act (UKBA) or the US Foreign Corrupt Practices Act (FCPA).

12.09.2022 | Pinar Karacinar-Gehweiler

ESG, ABC, Bribery & Corruption

Compliance requirements due to the German Supply Chain Due Diligence Act

In April 2013, an outcry went through the media when over 1,000 people lost their lives in a building collapse of a textile factory in India. The affected workers had previously discovered cracks in the building but were forced to continue working. The question of who was to blame and who was responsible was in the air.

29.08.2022 | Uwe Weber

AML, FIU, DNFBPs, FATF, CFT

What are the consequences of the results of the FATF audit for Germany?

On August 25, 2022 the Financial Action Task Force (FATF) published the final report ("Mutual Evaluation Report (MER)") on the audit of Germany. As a result, it should be noted that Germany has implemented considerable reforms over the past five years to better detect and combat money laundering activities and terrorism financing. These reforms are bearing fruits. However, further efforts are needed to optimize the effectiveness of prevention measures.

23.08.2022 | Ritwij Jain

AML, CFT

Re-Emergence of Foreign Terrorist Fighters (FTFs) − Current Challenges & Threats

The fundamental concept of “foreign fighters” is not a modern-day innovation; historically, fighters from abroad have participated in several civil wars. A recently published joint report by Asia/Pacific Group on Money Laundering (APG) and Global Center on Cooperative Security attempted to explore the nuances of behavioural and financial profiles of FTFs in Southeast Asia by gathering and utilising financial intelligence by the Financial Intelligence Units (FIUs) across this region to analyse and combat the catalytic effect of FTFs on terrorist activities.

02.08.2022 | Uwe Weber

AML, FATF

Impact of Poor Data Quality on Compliance

Over the past years and decades, the majority of the financial world has invested large amounts to do full justice to the regulatory requirements in the area of compliance. This starts with the recruitment and training of qualified staff and ends with the implementation of regulatory requirements that are subject to constant change due to new services, products and processes. Screening and monitoring software systems have been implemented with great effort to check transactions for indications of money laundering and terrorism financing.

29.04.2022 | Stephan Thom

CFT, Sanctions Screening

What Does ISO 20022 Mean for Regulatory Compliance?

MX ISO 20022 implementation, cross-border transactions and the impact on regulatory compliance projects: The migration of transactions to the newer ISO 20022 format is keeping banks busy these days. What is the impact on compliance related sanctions screening of cross-border transactions? This article collects some experiences gathered during compliance projects.

25.03.2022 | Pinar Karacinar-Gehweiler

AML, FATF

"Asset Peace" or Invitation to Money Laundering?

Turkey in the contradiction between money laundering prevention and asset peace. But Turkey is not alone. Russia, too, is no stranger to this. Turkey: a country between Orient and Occident, a country full of contrasts. Not only is it geographically partly in Europe, but also the motto of the founding father of this republic was: Always look to the West and not to the East. For decades, Turkey was considered pioneering and progressive for Muslim countries.

31.01.2022 | Lea Ilina

ESG, ABC, Bribery & Corruption

ESG in the Tension Field of Corruption

What is not green is made green - The advancing social and political paradigm shift is reflected in the growing interest of investors and consumers in sustainability, environmental protection aspects and social responsibility. ESG (Environmental Social Governance) is on everyone's lips and refers to corporate orientation towards criteria of environmental protection and social responsibility as well as honest corporate governance beyond the legal minimum.

17.01.2022 | Dirk Findeisen, Pinar Karacinar-Gehweiler

AML, Organised Crime

Clan Crime in Germany

Clan crime is currently one of the most explosive topics in Germany, both for the police and for society. Spectacular criminal cases, violence in public spaces, thematisation in TV series, the supposed loss of authority by the state due to lacking, insufficient or half-hearted intervention, parallel structures and the integration debate – a discussion as to whether the term clan does not already discriminate, ethicise or stigmatise – all this shows on the one hand the necessity, but on the other hand also the problems inherent in this part of organised crime (OC).

21.12.2021 | Natalie Hürler, Pinar Karacinar-Gehweiler

AML, KYC, AMLA

Pandora Papers, Panama Papers etc.: Impulse for Change or Just Lip Service?

Another financial scandal that has outraged people worldwide. As usual, those involved are the rich and powerful who use letterbox companies in tax havens to hide their assets from the tax authorities. The most explosive aspect of the revelation of the Pandora Papers was the involvement of high-ranking politicians, whose job it is to prevent this kind of economic crime.