The enmity between sales forces and compliance departments, particularly those in charge of combating money laundering and terrorist financing, is no mystery to anyone. But why? What explains this opposition, even conflict, between those responsible for developing the company’s sales and those charged with ensuring that the company does not work with criminals and/or terrorist …
Monthly Archives: March 2020
Electronic identification: the future of KYC?
Remote identification is at the heart of the digital revolution that has radically changed the landscape of the banking and financial sector. With the emergence of online banks and neo-banks1)Unlike an online bank, which is systematically backed by a so-called traditional bank, a neobank is an independent payment institution that generally offers exclusively mobile services. …
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What Happens When There’s a Withholding Tax Error?
What happens when there’s an error in the withholding tax applied to an employee? To answer this question, it’s important to remember that the employer is legally obliged to handle these tax deductions and transmit the amount deducted to the tax administration (Administration des Contributions Directes). But to do so, the employer needs the employee’s …
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