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ISSUE 5
corruption directives, including the new Regulation 2024/1624, compliance will become even more critical for payroll professionals. It’s important for payroll professionals to avoid becoming unwitting enablers of financial crime. In this context, an “enabler” is a person or entity that unknowingly provides the means for others to commit or conceal illegal activities. If you’re not aware of the risks, you could unknowingly play a part. The key is to stay informed and learn from one another to prevent history from repeating itself. Spooky Behavior A recent survey in Sweden shows that payroll professionals face significant challenges in managing time, mainly due to the ever-present “spook” of tight deadlines. Many organisations still struggle to gather the necessary data to process payroll on time. While some have found their “ghostbusters” in better systems, many have yet to eliminate this “spooky” behavior. Change often comes more easily when new regulations require improved routines. Although new regulations often bring extra work—especially at first—they can also be “Payroll’s Best Friend” (PBF), providing structure and support when the specter of missed deadlines threatens to haunt us. Cyber Demons Technology is a powerful positive enabler in payroll, especially through digitalization. However, automation
“A “ghost” rising on the horizon is the shadow economy. Financial crime— money laundering, corruption, fraud, and labor market criminality—poses a threat at every level and puts the risk- based approach of payroll in the spotlight.” The upcoming AI Act, which could have an impact similar to GDPR, introduces new regulations that will affect how AI is used in payroll. To keep these cyber demons at bay, it will become increasingly important to verify sources and ensure data integrity, particularly when it comes to information sent by unknown senders. Artificial Intelligence (AI) is more than just hype—it’s quickly becoming as natural a part of the profession as payroll systems themselves. is only beneficial when combined with strong controls to ensure quality and security. The “cyber demons” payroll professionals face come in many forms, from cyberattacks to misinformation.
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