Compliance is a challenging terrain. Dealing with politically exposed persons (PEP), laws against money laundering and sanctions regulations require special correctness. The question is: Who is a PEP? And who is subject to economic sanctions? The lists in question are not uniform, and they often contain only rudimentary data.
Tag: TOLERANT Sanction - Page 1
The products of Fuzzy! Informatik will no longer be supported in the future. Reference data – e.g. for Fuzzy! Post – will no longer be available. Therefore, it is necessary for all customers who have successfully used Fuzzy! products so far to think about a suitable replacement solution.
Companies with comparatively small address databases often find themselves unable to meet compliance requirements. However, these checks are required by law and are often demanded by business partners. On the one hand, it is necessary to regularly compare debtors and creditors against the so-called terror and sanctions lists. On the other hand, the companies listed in the Money Laundering Act are obliged to identify politically exposed persons.
I’m sure you agree with us that it’s good to live in a free society that can fight back when necessary. Sinister people of all kinds need to be fought, everyone agrees on that, too. But the comfort ends sooner than you think. Because the fight against terrorists and other criminals is not just taking place in a faraway war against IS, but in the middle of German offices and companies.
The assembly lines and paint lines of vehicle manufacturers have not suddenly mutated into hotbeds of horror. They are merely implementing what the legislature’s compliance requirements dictate in terms of terror prevention, and what all German companies will have to do sooner or later – namely, ensure that they do not pay salaries to anyone on sanctions lists.
We will be happy to help you with your data quality issues.
GmbH & Co. KG
70174 Stuttgart, Germany
Phone: +49 711 490 448 50
Fax: +49 711 490 448 34