ACG International

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AML – How to Effectively Implement Transaction Monitoring?

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Directors' Duty of Care and Liability under NIS2:

The NIS2 directive holds directors accountable for cybersecurity measures within their organizations. Article 32(6) mandates that directors must have the authority to implement security measures and can be held liable if the organization fails to comply with NIS2.Duty of Care for Directors Article 20(1) of NIS2 specifically addresses corporate boards, requiring them to approve and oversee cybersecurity measures. If the organization does not meet its cybersecurity obligations, directors can be personally liable for any resulting breaches. The directive places a clear duty of care on directors to ensure the proper implementation of security measures, with the potential for liability if this duty is breached.

DORA: January 17, 2025 is Approaching Faster Than You Think

The recently introduced Digital Operational Resilience Act (DORA) is a key piece of European legislation aimed at strengthening the digital resilience of the financial sector. Here's what the financial sector needs to know about DORA's impact and the steps they should consider:• Increased ICT Resilience Requirements: Financial institutions and critical service providers, such as Analyst ICT, will face stricter security requirements, demanding higher investments in cybersecurity to prevent and mitigate ICT-related incidents. • Enhanced Incident Reporting: DORA mandates faster and more detailed reporting of ICT incidents, requiring clients to implement improved processes for compliance. • Risk Management and Testing: Regular testing of ICT systems to ensure resilience will be essential. Clients should review their risk management strategies and increase the frequency of penetration and resilience testing. • Contractual and Compliance Obligations: Clients may need to revise contracts with ICT providers to meet DORA obligations, ensuring compliance and clearly defining responsibilities for managing ICT risks. • Audit Preparedness: Financial entities and their service providers could face audits under DORA. Analyst ICT clients should prepare for potential internal and external audits to ensure full compliance with the legislation.

Introducing Directive 2024/1799: Promoting Sustainable Consumption

The European Union has taken a major step towards responsible consumption with the adoption of Directive 2024/1799, aiming to encourage the repair of goods and extend their lifespan.• Repairs Under Warranty: Strengthened consumer rights make repairing defective goods under warranty easier and more accessible. • Right to Repair Outside Warranty: Consumers gain the right to have goods repaired even after the warranty period, promoting longer product lifespans. • Transparent Repair Conditions: Enhanced transparency on repair costs and timelines empowers consumers to make informed decisions. > An online European platform will be launched to help consumers find repair services and refurbished goods, fostering sustainable consumption habits. Professionals are encouraged to prepare for these upcoming obligations to meet consumer expectations and contribute to a circular economy.

AG Ruth de Bock: Uber Drivers Are Employees, Not Contractors

Advocate General Ruth de Bock has advised the Dutch Supreme Court that Uber drivers should be classified as employees due to the significant control Uber exerts over pricing, monitoring, and driver performance. This level of oversight indicates a hierarchical relationship typical of employment, rather than entrepreneurial independence. If the Supreme Court follows this opinion, Uber may be required to provide drivers with employee benefits, including holiday pay, sick leave, and protections against dismissal. The final decision is awaited.