Financial and insurance products and services are increasingly being merged with products from the real economy. Customers no longer have to go to their bank for a loan or to their insurance agent for an insurance policy; instead, they are offered these services when buying a TV or booking flights. While such developments offer banks, insurance companies and financial service providers the opportunity to secure a competitive advantage at an early stage, these combined offers also come with a multitude of legal challenges.
Your challenges
Our solutions for you
- Well-prepared coordination with the competent supervisory authorities on issues of civil and regulatory law
- Setting a clear course for the regulatory requirements under banking, insurance and payment law
- Development of a legally compliant, efficient and digital “Know Your Customer” (KYC) onboarding process to comply with anti-money laundering regulations
- Establishing an effective risk management system and introducing IT and cyber security functions for the management of third-party providers as well as implementing regular threat-led penetration testing (TLPT) for IT services
- Legally compliant implementation of General Data Protection Regulation (GDPR) requirements
- Establishing an effective data protection compliance structure, especially creating data protection guidelines, data protection contracts, privacy policies for websites and social media plug-ins, as well ensuring technology is designed to be compliant with data protection law (“privacy by design”)
- Drafting clear contractual provisions for digital business models, for example for automated declarations of intent, service performance owed by the contractual partners, general terms and conditions, liability requirements and consumer protection regulations
- Observance of e-commerce requirements under civil law and their legally compliant implementation throughout the entire customer process