Be Compliant • Stay Compliant
With WIACON, you gain a partner who knows the challenges of regulatory compliance and the needs in a dynamic market. With our extensive knowledge and experience, we bridge any gaps between compliance, legal departments, keep top management informed and manage internal and external IT teams, ensuring smooth collaboration and integration of services. We don‘t support siloed approaches, we offer comprehensive advisory services that combine compliance expertise, legal advice, strategic advice and IT implementation. We enable your business in complying with regulations, optimising processes and driving growth. Your path to more success will be based on ‘being compliant and staying compliant’.
Whitepaper
News on Environment, Social & Governance (ESG)
The Risks of Using AI in Compliance
Artificial Intelligence (AI) offers transformative potential for enhancing compliance processes, from automating routine tasks to identifying patterns in data that could indicate regulatory risks. However, the adoption of AI in compliance is not without its challenges. While the technology brings significant advantages, it also introduces risks that businesses must be mindful of to avoid regulatory and legal pitfalls.
ESG in the crisis
The term “ESG” (Environment, Social, Governance) is currently on everyone’s lips. Sustainability or sustainable action, which places companies in particular under an obligation as important drivers for a more sustainable future, is nothing new.
News on Economic & Financial Sanctions (CFT)
The Shadow of Sanctions on Contracts
A valid contract is binding upon the parties. This statement serves as the cornerstone of contract law worldwide. However, it does not imply that there are no situations in which parties can legally terminate, suspend, or refuse to fulfill their contractual obligations for legal reasons. Typically, these reasons can be anticipated ex-ante in applicable law or in the contract itself. How about newly introduced sanctions? Can they provide a green light for parties to refrain from undertaking their contractual obligations?
Has the EU entered the era of extraterritorial sanctions?
With the recent adoption of the EU’s 13th sanctions package against Russia, we sought insights from our senior legal officers at Wiacon, Negin Ajam and Nasim Zargarinezhad.
The EU’s decision to sanction Chinese firms, among others, aims to disrupt the supply chain of vital drone components to Russia, especially given the ongoing conflict in Ukraine.
News on Anti-Money Laundering (AML)
Suspicious Activities Detection in Accordance with the German Money Laundering Act (GwG)
Identifying suspicious activities is a cornerstone of combating money laundering, helping Obliged Entities (OEs) detect and deter fraud and other illicit activities. To this end, OEs must closely monitor high-risk criteria to flag transactions or behaviours that deviate from standard patterns. All red flags should be investigated to determine whether they represent legitimate transactions or warrant further scrutiny.
Strategic and operational challenges in Anti-Money Laundering (AML) compliance
The threat of money laundering has become a major problem for financial institutions worldwide. Both banks and non-bank financial institutions, such as insurance or investment companies, are under increasing regulatory pressure to implement effective and efficient anti-money laundering (AML) solutions to prevent illicit financial activities. These institutions must not only protect their business and reputation, but also ensure that they do not become unwitting accomplices of criminal individuals or organisations.
Implementing Effective AML Solutions in Banks and Insurance Companies
The threat of money laundering has become a major problem for financial institutions worldwide. Both banks and non-bank financial institutions, such as insurance or investment companies, are under increasing regulatory pressure to implement effective and efficient anti-money laundering (AML) solutions to prevent illicit financial activities. These institutions must not only protect their business and reputation, but also ensure that they do not become unwitting accomplices of criminal individuals or organisations.
Overcompliance in Sanctions Compliance
The proliferation of unilateral and secondary sanctions has led to a concerning trend of overcompliance by businesses, particularly banks and financial institutions. Overcompliance refers to excessively restrictive practices that go beyond the requirements of sanctions regulations.
Detection of money laundering through shell companies
A shell company is a registered legal entity that exists only on paper and has no significant assets or business activities. The shell company pretends to provide real business services in order to conceal illegal funds and its beneficial owner, launder money or avoid tax payments.
Grey listed UAE: fair or unfair play!
In recent years, the United Arab Emirates has found itself at the forefront of international scrutiny following being grey listed by Financial Action Task Force (FATF). The UAE is known as a trade hub in the Gulf region and the country has appeared to be determined to uphold its reputation as a business center. In the following paragraphs, we aimed to explore the UAE´s grey listing case from various perspectives.