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BIIA in Action: B20 Publishes Summit Report

BIIA is an active member of B20 activities (the Business Part of the G20) such as the Digitation Task Force and the Cross-thematic Group on SMEs as previously reported by in recent BIIA Newsletters.   B20 Summit Report On May 2nd and 3rd, 2017 the B20 Summit was held in Berlin. Over 700 guests from the G20 countries and beyond ... Read More »

Did Dodd–Frank Wall Street Reform and Consumer Protection Act Kill Financial Inclusion?

Banking and Blockchain: Why We Need an AML/KYC Safe Harbor Steven Hopkins is chief operating officer and general counsel of Medici Ventures, an Overstock subsidiary focused on the advancement of blockchain technology. In this opinion piece, Hopkins discusses issues with the global AML and KYC requirements placed on banks, concluding that, while this is encouraging blockchain innovation, more legal clarity is ... Read More »

Eight Steps to the GDPR Countdown

One year from now, the recently passed regulation known as “GDPR” (General Data Protection Regulation) goes into effect. While EU-specific, it can still dramatically affect how businesses work with the personal data of citizens and residents of the EU.  GDPR was approved a year ago and will be going into effect in another year. It applies directly to organisations within ... Read More »

Encompass Corporation Gains International Standard for Information Security Management

Encompass Corporation, one of the leading Powerlist RegTech companies, has gained ISO/IEC 27001 – 2013 certification. ISO/IEC 27001 – 2013 is the de facto international standard for information security management and formally recognises that a company has an information management security system that is under explicit management control. Encompass Corporation works with some of the world’s largest data providers and ... Read More »

Reserve Bank of Indi (RBI) Calls for Account Number Portability – Banks Wary

Reserve Bank of India (RBI) deputy governor S.S. Mundra recently pushed banks to allow customers to move seamlessly between banks without having to change their account numbers. He also said the central bank would soon come out with final guidelines on customer protection to limit their liability in case of fraud in electronic banking transactions. Technological innovation and linking accounts ... Read More »

Mike Bradford’s Message: From 25th of May 2018 All Organisation Must be Fully GDPR Compliant

His critical message is that we are now less than a year away from what is undoubtedly fundamental reform to how we use data.   From 25 May next year all organisations must be fully GDPR compliant.  There is no ‘grace period’. This month we saw what the press is picking up on – see https://www.thetimes.co.uk/article/data-protection-changes-provide-safeguards-and-business-opportunities-vs3c5vtpm. This perhaps gives an early ... Read More »

India’s RBI Working on New Standards Limiting Customer Liability in Digital Frauds

RBI Deputy Governor SS Mundra came down heavily on banks for charging customers exorbitant and high service charges including for minimum balance maintenance, mis-selling of third party insurance products, etc. There is a relief in the offing for banking customers who face frauds through unauthorized online transactions. The Reserve Bank of India (RBI) will soon list out norms limiting liabilities ... Read More »

GDPR: A Well-intentioned Concept Hits the Realities of Implementation

75% of Organizations Will Struggle to Meet EU GDPR Regulations by Deadline, Survey Finds Varonis Systems, Inc. (NASDAQ:VRNS), a leading provider of software solutions that protect data from insider threats and cyberattacks, released findings today from an independent survey probing attitudes towards the EU General Data Protection Regulations (EU GDPR), due to come into effect one year from today. The survey, which polled ... Read More »

Personal Liability Looms: Who is Going to Take Risk or Being a CEO or CFO?

More Financial Executives Forego Business Decisions as Personal Liability Seems More Likely, Thomson Reuters Culture and Conduct Risk 2017 Survey Finds Concern by financial executives about the risks of personal liability appears to be affecting the strategic business decisions they make, according to a global survey of compliance and risk practitioners at financial firms. For the first time, Thomson Reuters ... Read More »

The Russian Bankruptcy Process Appears to Lose Effectiveness

Credit Risk Prevention: Verification is Better than Court Proceedings The current bankruptcy law has turned out to be untenable. The ability to recover assets through court action is constantly decreasing, the measures for financial rehabilitation do not work. The only effective way to protect assets is to check and monitor business partners.   Less bankruptcies, more outstanding claims:   According ... Read More »

Transparency: Baidu Requires Real-name Registration for its Services

China’s leading search engine Baidu on Thursday required users of the company’s services, including popular online forum Baidu Tieba and cloud storage service, to register their real identities before June, otherwise they may be prevented from accessing the services. Baidu said in a statement that the requirement was in accordance with China’s Cyberspace Law, which stipulates that an Internet operator ... Read More »

China Cybersecurity and Data Protection Laws: Changes to Become Effective June 1, 2017

China’s new Cybersecurity Law will become effective on June 1, 2017. In addition to focusing on cybersecurity, the law also details how companies are to handle personal information and data. In determining what is allowed and not allowed for handling personal information in China, it is important to examine The Decision on Strengthening Information Protection on Networks (2012), The Guidelines ... Read More »

Data Protection: France’s DPA Fines Facebook – Italy’s Antitrust Body Fines WhatsApp

France’s Data Protection Authority, the CNIL, has issued a fine of 150,000 euros on Facebook Inc and Facebook Ireland in an enforcement programme coordinated with four other Data Protection Authorities. The regulator says the company is in breach of the Data Protection Act due to ‘a massive compilation of personal data of Internet users in order to display targeted advertising.’ ... Read More »

B20 Germany: Financial Inclusion for Women-owned SMEs

Shaping an Inclusive Business Environment in a Globalized World: Strengthening Women-owned SMEs With holding the recent very successful B20 Summit and W20 Summit in Berlin and handing over our respective recommendations to the G20, we could once more emphasize the importance to jointly build a sustainable economy. In our processes and meetings we, as the G20 engagement group, often find ... Read More »

US and China Announces a New Trade Agreement to Include Payment Services, Credit Rating Services and Bond Underwriting

The US Department of Commerce announced a new trade agreement with China. The biggest points in the 10-point plan are aimed at the LNG sector, American agriculture and financial sectors, which are being promised greater access in a range of areas. In addition to beef, China agreed to accelerate the process for approving U.S. biotechnology products. Beyond electronic payments, Beijing ... Read More »