{"id":12834,"date":"2023-11-09T09:35:00","date_gmt":"2023-11-09T09:35:00","guid":{"rendered":"https:\/\/iqeq.com\/?p=12834"},"modified":"2023-11-09T10:42:10","modified_gmt":"2023-11-09T10:42:10","slug":"tis-the-season-to-avoid-folly-how-to-stay-compliant-during-the-festive-period","status":"publish","type":"post","link":"https:\/\/iqeq.com\/insights\/tis-the-season-to-avoid-folly-how-to-stay-compliant-during-the-festive-period\/","title":{"rendered":"\u2018Tis the season to avoid folly: how to stay compliant during the festive period"},"content":{"rendered":"
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As the festive season approaches, it\u2019s that time of year when firms nurture business relationships by hosting events and exchanging gifts and other tokens of goodwill as symbols of appreciation. However, gifting carries responsibility for firms in highly regulated industries, and a misstep could have serious consequences.<\/strong><\/p>\n

Beyond the obvious indiscretions, certain types of gifting can run afoul of regulators\u2014or at the very least, the public eye\u2014without firms realising it. So, how can companies exchange gifts without causing social or legal trouble down the line?<\/p>\n

Spruce up your anti-bribery policy<\/h2>\n

In some cases, the distinction between a simple gift and what could be interpreted as a bribe is clear. Anti-bribery regulations prevent firms from exchanging gifts that might award their business an unfair advantage.<\/p>\n

Review your firm\u2019s anti-bribery policies and AML\/KYC checks leading up to the festive period. Ensure your colleagues and wider team are aware of what they can accept, what they need to report and what constitutes a bribe.<\/p>\n

But what about more ambiguous exchanges and reviewing the optics of a gift before it changes hands?<\/p>\n

AML\/KYC technology can help you make a list and check it twice<\/h2>\n

While it might sound unusual to leverage powerful AML\/KYC technology for your holiday gifting, the appropriate fintech tools have been found to be invaluable.<\/p>\n

Unless your organisation completely bans giving and receiving gifts, the landscape of gift exchange is one you probably navigate more than once each year. You take the time and care to practice good AML\/KYC compliance with your clients\u2014but what about with your suppliers, investors and other business stakeholders?<\/p>\n

AML\/KYC technology can validate gifts to save time and energy. By scanning for PEP and sanction checks, conducting global and regional keyword media searches, and providing a time-stamped audit trail, you can be reassured that your gift exchanges are compliant while minimising operational risks.<\/p>\n

If applying an advanced\u00a0fintech\u00a0solution to your holiday gift list sounds Scrooge-like, take a moment to consider the implications. Imagine exchanging gifts with a person or business, only to discover they work for a competitor or were recently in the press for ethically challenging activities.<\/p>\n

When an unintentional oversight could erupt in significant scandal, taking the time to exercise due diligence on the recipients of your gift list could be worth its weight in gold.<\/p>\n

Gifting should be merry and bright<\/h2>\n

Knowing that you\u2019ve reviewed your internal policies and are confident in what gifts you can send and receive, thanks to efficient AML\/KYC technology, means you can spend the festive season focusing on more important things.<\/p>\n

It\u2019s the perfect time of year to build relationships with your clients and business partners, and for them to get to know you better, so remaining compliant shouldn\u2019t be a burden.<\/p>\n

Bring peace to your seasonal giving with MaxComply<\/h2>\n

IQ-EQ\u2019s market-leading MaxComplyTM<\/sup><\/a> software, designed by compliance experts, operates as a multi-function employee compliance tool<\/a> providing scheduling, delivery and returns of all employee certifications to firm-wide policies and procedures.<\/p>\n

With MaxComply, employees can pre-clear and disclose their gifts and entertainment, while the platform\u2019s powerful system of global checks includes an intelligent risk assessment engine and full audit trail.<\/p>\n

To learn what MaxComply can do for you for this season (and beyond),\u00a0get in touch<\/a>\u00a0with our team today.<\/strong><\/h4>\n <\/div>\n<\/section>\n\n
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Meet the author<\/h2>\n
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\n \"\" <\/div>\n
\n \"\" <\/div>\n
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Dev Sian<\/h3>\n

Director, MaxComply, UK<\/p>\n

<\/div>\n

United Kingdom<\/p>\n \n Send email <\/a>\n \n +44 7887 535 004 <\/a>\n

\n \n LinkedIn<\/span>\n <\/a>\n <\/div>\n <\/div>\n<\/div> <\/div>\n
\n <\/div>\n <\/div>\n<\/section>","protected":false},"excerpt":{"rendered":"","protected":false},"author":5,"featured_media":12835,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","footnotes":""},"categories":[1],"tags":[],"expertise":[444,17,415],"service_category":[31],"acf":[],"yoast_head":"\n\u2018Tis the season to avoid folly: how to stay compliant during the festive period - IQ-EQ<\/title>\n<meta name=\"description\" content=\"Dev Sian discusses how firms can stay compliant during the festive gifting season, including how technology can help you make a list and check it twice.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/iqeq.com\/insights\/tis-the-season-to-avoid-folly-how-to-stay-compliant-during-the-festive-period\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u2018Tis the season to avoid folly: how to stay compliant during the festive period - 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