Bisnode Compliance Interview 2018

03 Jul 2018

Bisnode Austria had an interview together with compliance expert Dr. Wohlschägl-Aschberger. Beneath you can find the transcript of the interesting talk.

Bisnode: What is compliance for you?

Dr. Wohlschägl-Aschberger: Well, thank you very much for the interview and especially also for the days I could have spent here. What does compliance really mean for me? It is in principal a risk approach in the sense of a very diligent business behavior – and why? Because you need to protect your business and hopefully expend your successful business also for the future, which should be the core business target of each and every business entity.

 

Bisnode: As you may know we are traditionally in the credit business and so we know that our customers' credit risk is a long and well known topic. But why do you think that Money Launderingrisk is also very important?

Dr. Wohlschägl-Aschberger: Well it‘s interesting what you say because “old” risk has been evident for many years, also it‘s like knowing the negative cases. Therefore, people are aware of for example as you say the credit risk. However, what I find really strange is that people ignore other types of risks for example fraudulent behavior and money laundering, just to name two. Money laundering risk is everywhere. Everywhere, each and every business that you have also internationally. And it is known, but obviously still partly ­I would call it ignored or not considered as a risk, and this is a pity, because it harms our business. It harms people, companies and also countries.

 

Bisnode: You said Money Launderingrisk. But could you specify for us. Could you give some examples for Money Launderingrisk and explain what it is exactly?

Dr. Wohlschägl-Aschberger: Well, money laundering risk means that you –  if you are not careful and diligent enough – might get involved in probably like a criminal court case or in criminal proceedings, because money laundering and all the pre-offenses to it are criminal offenses. So, you will be harmed by a criminal offense and I think no business man has an interest to get involved with criminal offenses, and it would take too much time but all the examples we know either come of weapon business or drug business but also corruption, bribery and I think a diligent business person has no interest to get in contact with those topics.

 

Bisnode: How would you recommend companies to handle money launderingrisks. So please give us just a brief overview of this for the first steps and also the key elements in this process.

Dr. Wohlschägl-Aschberger: I think every company can prepare well. First, by preparing in setting up a so called riskanalysis. What does it mean? It means that you make yourself and your business aware of whether there is a thread of money laundering risk or not. And if there is, which leads to number two, is you will have to set up certain procedures, policies, manuals and then, number three, which is very important, a monitoring through all over your business part.

 

Bisnode: Could you specify monitoring?

Dr. Wohlschägl-Aschberger: Monitoring would cover for example updates of the KYC Processbut monitoring also covers for example the monitoring of business transaction in whatever form. Monitoring means that you on a regular basis and this is part of compliance, review what you did before. Again, that could be the KYC process, that could be documents, that could be contracts but also of course the transactions as such.

 

Bisnode: Thank you for the interesting interview.

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