DATA PROTECTION REQUIREMENTS MUST GO HAND IN HAND WITH THE PREVENTION OF MONEY LAUNDERING AND TERRORISM FINANCING!

27.07.2020

The European Data Protection Board Supervisor (“EDPS”) has, today,  released an  Opinion on the European Commission’s action plan on AML/CFT measures.

According to the EDPS, the Commission should make data protection a golden standard in the context of AML/CFT compliance processes.

Also the EDPS highlights the importance that the new governance mechanisms establish a clear legal basis for the processing of personal data, as well as specific rules for the access to and sharing of information, particularly when personal data being processed is particularly sensitive.

Concerning future legislation on AML/CFT measures, the EDPS recommends that appropriate safeguards are in place to guarantee compliance with the principles of data minimisation, purpose limitation and data protection-by-design, as well as the right of individuals to be informed when their data is collected and the purpose(s) for which the data will be processed.

In addition to these, the EDPS encourages the Commission to promote data protection principles when agreeing on international standards at the Financial Action Task Force.

You can read the full announcement here.

Should you have any queries and/or remarks, please do not hesitate to contact us.

Kind regards,

Zumbul Attorneys-at-Law

info@zumbul.av.tr