Managing AML Challenges Under GDPR
With GDPR in effect, financial institutions in the EU and beyond must manage their AML compliance obligations in a new data protection regime.
The General Data Protection Regulation (GDPR) was implemented on May 25th 2018, transforming the way organizations within the EU handle the personal data of their customers and clients. GDPR creates, clarifies, and harmonizes data security legislation across all EU member-states – but also affects organizations from outside territories wishing to do businesses within the bloc.
Practically, GDPR limits the ways in which businesses can collect, use, and store the personal data of their customers and clients – it also creates consequences for institutions with AML obligations.