If you work in Europe or around the world, there are many new legal requirements for your business that need to be aware of.
These regulations can be scary, but it’s important to understand them in as much detail as possible so that you can comply and avoid costly fines. In this blog post, we will discuss some of the most important regulatory changes that have taken place recently and how your business can adhere to them.
New Transatlantic Data Flow Act and GDPR
If you own a business operating in Europe, you are probably already away from the General Data Protection Regulations (GDPR) and what you need to do to stay loyal.
In March of this year, some significant changes were made for those who do business with companies in the United States. The United States and the EU have now agreed on new rules for transatlantic data flow between continents. It is important that you read these new laws in detail and make sure that you follow them if they affect your business in any way.
One of the key ways you should work to meet GDPR compliance is KYC or “Know Your Customer”. If you need to read about the meaning of KYC or how to apply it, make sure you learn about these new GDPR laws as well as what you are doing right now.
The Queen’s speech unveiled new UK laws
Earlier this year, on May 10, Prince Charles addressed the annual Queen’s Parliament for the first time. This year’s speech was particularly noteworthy as it unveiled a number of new laws that businesses need to be aware of.
If you run a business in the UK and you missed this year’s lecture, you can read the full transcript right now on the gov.uk website.
One of the main areas you as a business owner should consider is a new economic crime bill to protect people against financial theft. You should also read the new rules regarding modern slavery bills if your business is particularly profitable.
In particular, if you work online, you must keep the online security bill in mind. This last one is especially important because if you do not comply, your business could be fined up to 10% of your global turnover.
Additional new legal requirements for sustainable EU business
If you work in Europe, you must keep in mind the new changes regarding sustainability goals. In February of this year, the EU outlined its plans to target perseverance due to corporate stability, which affects most of Europe today.
Companies operating in the EU are required to adhere to certain corporate policies on due diligence once these laws take effect.
They need to manage this due diligence, report where needed and create a significant grievance procedure if anyone has a problem with the way they are currently operating.
This is the first of many changes to sustainable law that businesses need to keep in mind for the foreseeable future.