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Technology is the main tool of SMEs against corruption and money laundering

In recent years, technologies have been democratized, since until not long ago they were restricted to large companies. However, the intensification of the digital revolution It has allowed competition to normalize in the sector and with it the appearance of more useful applications for small and medium-sized enterprises (SMEs).

All these advances in the sector have allowed the tools to have an increasingly higher level of precision. So those responsible for compliance of SMEs can hire only those services they need, leaving aside the macro applications, which cover endless functionalities that are absolutely useless for them.

Without a doubt, SMEs have a great ally in technological tools in compliance management, where they can systematize all the documents that hang from the system, helping the company to execute all the tasks related to compliance in an integrated and collaborative way. to reduce risks and reaction time in the event of a non-conformity”, explains Felipe García, lawyer and partner at Circulo Legal.

The tools technology within the complication go from legal risk analysis and supplier control to risk map automation models, procedures and controls. In short, methods that allow SMEs not only to optimize time and resources to the maximum, but also to compete face to face with large companies in terms of management compliance.

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Tools against corruption and money laundering

One of the main reasons why the value of these new technologies becomes even more important is the Directive 1937/2019 on the protection of whistleblowersyes And the fact is that, although its application to Spanish legislation will have to wait until the second half of the year due to government delays, ensuring this protection requires, in large part, the adoption of an external system for managing the complaints channel.

These types of tools also encourage communication and anonymity with the whistleblower”, comments the expert, “all this is possible without leaving the computer application, from which hangs a powerful cybersecurity system that protects the channel from unauthorized access. Without a doubt, another example of the irruption of technological tools in the compliance systems of SMEs”.

The work of the call compliance officer, even in smaller companies, is now easier. The new tools allow you to channel the information that is being issued and received at the moment, certifying content and sealing documents with a time stamp. All in favor of detecting any type of action outside the regulations and notify it as soon as possible.

In the specific case of money laundering, the lawyer talks about the advantages of tools that, from their own main screen, allow decisions to be made based on analyzes carried out automatically. An advance that marks a before and after in the detection of this type of behavior.

If the tool approves the operation, its execution continues, but if the system warns of objections or reservations, an incident is opened and information is requested to clarify the details of the operation. All this within the ecosystem of the tool, without leaving it, and recording in it everything that is happening until the final decision is made. Thinking about money laundering management in a compliance department without technological tools is unthinkable in 2022Garcia concludes.

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