“Privacy is not something that I’m merely entitled to, it’s an absolute prerequisite.” – Marlon Brando, Actor
“The General Data Protection Regulation (GDPR) is the toughest privacy and security law in the world. Though it was drafted and passed by the European Union (EU), it imposes obligations onto organizations anywhere, so long as they target or collect data related to people in the EU. The regulation was put into effect on May 25, 2018. The GDPR will levy harsh fines against those who violate its privacy and security standards, with penalties reaching into the tens of millions of euros.”
GDPR.EU
The European Convention on Human Rights of 1950 included the individual’s right to privacy. However, with advent of the internet, technology developed so rapidly that it was very difficult for legislators to keep up.
The introduction of the GDPR finally gave authorities the power to ensure that all stakeholders take data protection and the right to privacy seriously.
How We Can Help
By its very nature, AML & CFT Compliance results in the collection of large volumes of personal data, often of a highly confidential nature.
As a result, all obliged entities experience a close relationship between their obligation to identify their clients and monitor their transactions, and the need to protect their personal and confidential data, often creating significant areas of overlap between AML/CFT & GDPR requirements.
The services we offer in relation to Data Protection have been structured along the same lines as those for AML & CFT, as the principles involved are almost identical.
More specifically, when we are engaged to assist a client with their Data Protection functions, we typically provide one or more of the following services:
- Gap Analysis
- Preparation and implementation of improvement plan
- Ongoing monitoring
Once we have a clear picture of the current infrastructure, we prepare a detailed report highlighting areas of compliance and non-compliance. We then present our findings to senior management and discuss with them what remedial action is required, and whether this will be undertaken by themselves or assigned to us.
We offer the Gap Analysis as a stand-alone service, or as the initial stage of our other services.
In addition to the above, we are also able to be appointed as the Data Protection Officer on behalf of our clients.
For clients who require a comprehensive solution to address all their compliance obligations, we are able to provide an all-inclusive solution to review, develop and monitor their AML/CFT and Data Protection functions.