ARTICLES 

The humanistic aspect of regulatory compliance

Most talks and articles on AML (Anti Money Laundering), KYC (Know Your Customer), KYB (Know Your Business) and the importance of regulatory compliance focus on the negative effects of money laundering afflicting financial institutions and the economy at large, not mentioning the most vulnerable in this – the victims of every heinous crime that generate dirty money. 

Hefty fines and penalties are stoved upon those regulated companies who fail to comply with the regulatory requirements of AML, KYC, and KYBStill, they’re lucky compared to the victims of human trafficking, illegal wildlife trade, drug trafficking, smuggling, prostitution, arms trafficking, illegal gambling, and terrorism. These are just some of the crimes associated with money laundering, none of which are without its unfair share of innocent victims. The rules and regulations set to combat money laundering, financing terrorism, and other financial crimes don’t exist simply to facilitate safe business, their main purpose is to reduce crime, thus protecting all people.  

Crime does not pay without money laundering

Money laundering make illegal property appear as legitimately acquired, enabling criminals to take advantage of their crimes and use that money in their daily lives without arousing suspicion. The negative effects of money laundering on the economy; growth rates, income distribution, tax revenues, financial institutions, and more are severe. Still, this doesn’t account for the value of human life and the often abusive and inhumane methods used by criminals to acquire their money. One must never forget that the dirty money and the blood money which criminals launder in our financial systems has an invisible trail of countless innocent victims behind it. The profits from e.g., drug or human trafficking are being drawn out of blood, sweat and tears of the innocent. There are people who are privileged enough to never be at risk of being exposed to certain crimes, terrorist acts however affect us all.  

Terrorism unfunded

Terrorism is financed with money of illegal origin as well as with legally acquired money. In the case of terrorist financing, it is mainly the ultimate purpose of the money that the criminal tries to hide, unlike money laundering where the purpose is to hide the origin of the money. Terrorist financing is often more difficult for banks and other companies to detect and identify, especially if it is done with legal money. The two quite different types of crime, money laundering and terrorist financing, share a common denominator – the perpetrators make extensive use of the financial systems to achieve their goals and objectives. Therefore, they can also be combated with similar methods and be addressed in the same legislation.  

Challenges met and overcome with ZignSec

It’s not that regulated companies aren’t motivated enough to comply with the regulatory requirements of AML, KYC and KYB – in the light of the humanistic aspect it would take a callous mindset not to be. But the extent of regulatory compliance processes that need to be implemented, digitized, and optimized is putting a lot of pressure on businesses as it is time-consuming and costly with little to no margin for errors. On top of this, there’s an endless amount of cross-border compliance challenges for companies conducting or expanding their business abroad. Checking investment proposals for country-specific restrictions to sourcing compliance information that is up to date, accurate, and reliable, is a cumbersome and never-ending process. It is not due to lack of motivation that so many companies find themselves astray in this, it is due to lack of regulatory knowledge and not knowing who to turn to.  All they need to do is contact ZignSec. 

ZignSec
 is the global aggregator of the best local identification and compliance solutions for businesses worldwide and offer them as a single endpoint and suite of tools. The ZignSec all-in-one platform makes it easy for businesses to replace manual and cumbersome processes with digitized and automated workflows for KYC/B & AML checks, age verification, fraud detection, and onboarding, regardless of geographical market. Managing cross-border compliance does not have to be low-tech and resource-intensive, nor does it have to come with spiralling budgets or restricted expansion plans. ZignSec is a one-stop-shop for regulatory compliance and cross-border compliance in all areas of business worldwide, making it possible for all companies to be at the frontline of the economic battle against criminals and terrorists

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    Cookie Policy

    Effective date: January 1, 2020

    This notice explains ZignSec’s approach to cookies and other online data collection technologies.

    When you visit our websites, use our mobile apps, engage with our online ads or emails, we collect information, using technologies such as cookies, pixel tags (also called web beacons), browser analysis tools and server logs. Each of these technologies is explained below.

    1. How We Use Cookies

    We use cookies and other online data collection tools for several many different purposes.

    Strictly necessary cookies and tags are used by ZignSec to support the basic operations of our websites and apps. They enable core website functions, such as authentication, security, network management and accessibility. You may be able to disable these by changing your browser settings, but this may affect how the website functions.

    Performance and operation cookies and tags are used by us and our service providers to manage our websites. These activities may include collecting analytics about visitors to our website and collecting information about website usage. We use the information to compile reports and to help us improve the website. These cookies help us gather data to optimize our website’s performance.

    Site experience cookies and tags are used to support your experience and include user-selected options and site navigation aids.

    Marketing and personalization cookies are used to enable social sharing and to deliver interest-based ads to you online.

    Social media cookies and tags used by us and social media platforms to enable users of the platforms to share content across our sites. We also work with social media platforms to deliver ads to you when you use these platforms. This targeting is done by the platform under its own terms of use.

    Advertising cookies and tags used by us, our service providers and third parties to personalize the ads delivered to you on our site and on other sites. These cookies collect data about your online activity and allow ads to be displayed that may be of relevant interest to you. These cookies also record which ads you have seen and whether you engaged with the ad. These cookies help make sure that the ads you see are valuable to you and not repetitive.

    While we do not give any personally identifiable information to the third-party advertising companies, we may place third-parties’ cookies and tags when you visit a ZignSec website. This practice allows these third parties to collect information from you using these technologies on our websites. The information they collect is subject to their own privacy policies.

    Uses of cookies can vary by country or state. More information is provided in the supplemental privacy notices posted in the Privacy Center or in the relevant website or app.

    2. Your Choices

    For websites in the United States and Europe, ZignSec provides you with the ability to manage cookies that are not essential to display our website using “Manage Your Cookies” Many ZignSec websites only place marketing, personalization, and advertising cookies if you explicitly accept these cookies by clicking “Accept All Cookies” when you first visit the website. If you have accepted cookies, you adjust your preferences by using this link.

    You can manage cookies and delete cookies from ZignSec and other companies using your browser settings. Browsers such as Chrome, Internet Explorer, Firefox and Safari give you the ability to accept, reject or delete cookies. Visit the “help center” for your browser to learn more. Please note that your browser settings are not used to manage Flash or Silverlight cookies. To manage Adobe Flash Cookies, visit the Flash Player help page. To manage Microsoft Silverlight Cookies, visit the Silverlight section of Microsoft’s privacy statement.

    You can also take advantage of industry-sponsored programs that allow you to control the way companies advertise to you.

    The Network Advertising Initiative (NAI) manages an opt-out program for many third-party advertising companies. You can opt out of being targeted by NAI members by visiting https://www.networkadvertising.org/consumer/opt_out.asp.

    On some websites, you may see an AdChoices icon, which may appear on certain targeted ads. You may click on this AdChoices icon to learn more information about the collection and use of your information or to opt-out of such collection in the future. To learn more about the Digital Advertising Alliance Consumer Choice tool, please visit http://optout.aboutads.info.

    Additional information on cookies and online advertising choices are offered by:

    Adobe Marketing Cloud: If you would like more information on how to remove yourself from the tracking and reporting functions performed for this website by Adobe Marketing Cloud, please visit the Opt-Out page at http://www.adobe.com/privacy/marketing-cloud.html.

    Google: For information on how Google Analytics uses data please visit “How Google uses data when you use our partners’ sites or apps,” located at https://www.google.com/policies/privacy/partners.

    In most cases, the choices you make are linked to your browser. If you use different browsers or different devices, you will need to set your preferences on each one. Even if you opt-out, you may still receive ads that are not customized for you, unrelated to your browser settings.

    Although our websites currently do not have a mechanism to recognize the various web browser Do Not Track signals, we do offer our customers choices to manage their cookie preferences as described in the previous section. To learn more about browser tracking signals and Do Not Track please visit https://allaboutdnt.com/.

    Residents of some countries and states have additional privacy rights. Information on these rights is provided in the supplemental privacy notices posted in the Privacy Center.

    3. Social Media and other Platforms

    Our websites may enable you to interact with us and others via social media platforms. This functionality is enabled using social media cookies and tags. For example, some ZignSec websites allow you to sign in using social media platform credentials. Please read the privacy statements provided by your social media platforms to understand how they use your information and to manage your choices.

    We may display interest-based ads to you when you are using social media platforms. These platforms allow us to personalize the ads that we display to you. To enable delivery of these ads, we convert your email address into a unique number. The platforms also convert their user emails into unique numbers using the same process. This allows the records to be matched without any exchange of data elements that can identify you on their own. The platforms perform the matching as a service provider to ZignSec, and they do not retain or use the file that we send them for their own purposes. This process allows the platform to deliver our ads to our customers on the platform. The platforms may gain insights about individuals who respond to the ads we serve.

    4. Other Types of Online Data Collection

    Our server logs record information about users to our websites. We may use these logs for internal purposes, such as website administration, optimization and security. We may also use the data for fraud-protection, personalization and advertising.

    We collect device identifiers and other device-related information, including your device’s advertising ID if available. This information is used to identify the device and authenticate you. We may also use device-related information to associate you with different devices that you may use, including for fraud-protection purposes and to better target advertising. In many cases, you can reset your device’s advertising ID. Both Android and iOS devices enable you to reset your device identifier under the “settings” menu.

    5. A Guide to Cookies and Other Technologies

    Cookies

    Cookies are small text files that websites send to your computer or other internet-connected device to uniquely identify your browser or to store information or settings in your browser. Cookies allow us to recognize you when you return. They also help us provide a customized experience and can enable us to detect certain kinds of fraud.

    First-party cookies are those cookies that are placed by ZignSec. These cookies are used by ZignSec and include all the essential cookies.

    Third-party cookies are placed by another company, including service providers, social media cookies and third-party advertising companies. Cookies placed by third parties can be read by these third parties when you visit other sites in the advertising network, allowing a profile of your online behavior to be created so that the third party can deliver targeted ads from all its customers.

    Flash Cookies and Silverlight Cookies

    A Flash Cookie (also known as a Local Stored Object) is a small data file placed on a computer using Adobe Flash technology. A Silverlight Cookie is a small data file placed on a computer using Microsoft’s Silverlight technology. Flash and Silverlight are applications that allow delivery of dynamic content, such as video clips and animation. These cookies are used to personalize and enhance your online experience, deliver dynamic content, and for security purposes. They differ from “regular cookies” in that they are not managed using your browser settings. See Your Choices above for how to manage these types of cookies.

    Pixel Tags and Web Beacons

    Pixel tags (also called web beacons) are tiny graphic images and small blocks of code placed on website pages, ads, or in emails that allow us to determine whether you have performed a specific action. When you access the pages or you open an email, the tag lets us know you have accessed the web page or opened the email. These tools allow us to measure response to our communications and improve our web pages and promotions.

    Server Logs

    Server logs record activities on our websites. Other types of logs collect similar information from our apps. These logs record information about the device you use to access our website, your operating system type, browser type, domain and other system settings, as well as the language your system uses and the country and time zone where your device is located. Our logs also record the IP address of the device you use to connect to the Internet. An IP address is a unique identifier that devices require to identify and communicate with each other on the Internet. We may also collect information about the website you were visiting before you came to ZignSec and the website you visit after you leave our site.