Our team suggests
What happened if we fail to validate that the transactions are arm’s length?
So, if the transactions are not compatible with arm’s length principle, a cross-border transfer pricing adjustment may be reviewed.
AML & DUE DILLIGENCE
The provision of any data for review and processing by our end is subject to GDPR provisions, with which we are obliged to comply. More specifically:
Each contracting party shall comply with all relevant provisions of the data protection legislation of Greece and the European Union and any other applicable date protection legislation in any relevant jurisdiction (together the “Data Privacy Legislation”) including indicatively, but not limited to the Greek Law 4624/2019 as in force today and the EU’s General Data Protection Regulation (GDPR) 2016/679. For the purposes of the Clause, “Data Controller”, “Data Processor” and “Data Subject” have the meaning attributed to them under Greek Law 4624/2019 and the GDPR. “Personal Data” means any personal as defined in Greek Law 4624/2019 and the GDPR which (a) relates to you, your employees, or any third transacting party; (b) is otherwise personal data which you have provided to us in connection with the services and (c) Personal data of our personnel, that comes to your knowledge throughout the provision of the services.
4.2. Lawful Processing
Each party confirms that processing Personal Data in connection with the services and this agreement will not place the other party in breach of the Data Privacy Legislation.
4.3. Processing as a Data Processor
If, in connection with the agreement, we process any Personal Data as a Data Processor on your behalf (a) we shall process such Personal Data only on your instructions under the terms of a data processing agreement; (b) in relation to such Personal Data, we shall comply with obligations provided for by Greek Law 4626/2019 and the GDPR and (c) the process will be limited exclusively for the purpose of the services.
“Transfer Pricing a s service” and TaxExperts Group are liable to ensure the integrity, transparency and orderly functioning of the executed transactions. As part of this obligation, “Transfer Pricing a s service” and TaxExperts Group work are applying rules and procedures to detect and control the transactions in questions for the purposes of money laundering and terrorist financing (ML/TF).
“Transfer Pricing a s service” and TaxExperts Group discharges its functions in this field by:
· Leading the development of AML/CFT policy and supporting its effective implementation by competent authorities and financial institutions across Greece and the EU to foster an effective risk-based approach to AML/CFT with consistent outcomes;
· Elaborate the relevant questionnaires to its clients for AML purposes;
· Monitoring the implementation of EU AML/CFT policies and standards to identify vulnerabilities in competent authorities’ approaches to AML/CFT supervision and to take steps to mitigate them before ML/TF risks materialize.