General Data Protection Regulation (GDPR) and its impact on KYC checks - New York

The impact of GDPR on KYC checks: The GDPR (General Data Protection Regulation) came into force in May 2018, and after two years, are we any closer to understanding its impact and how it is affecting businesses especially when it comes to KYC regulations? Under GDPR, organisations that carry out identity checks, and hold potentially sensitive information about customers, have to be completely transparent about what happens to the data after use. At the same time, KYC checks and procedures are powerful risk management tools. Banks and financial institutions have been verifying client and customer data well before GDPR came into force. For banks, they needed to be following rules on AML (anti-money laundering) and combating any potential financing of terrorist activities.

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