The EU’s General Data Protection Regulation (“GDPR”) came into force on 25 May 2018. Since then, almost 90,000 separate data breach notifications have been received by European data protection authorities. During the same time, concerned citizens have reported roughly 145,000 complaints and fines for GDPR breaches throughout the Continent have reached €55.96 million (including a €50 million fine French authorities issued to Google back in January 2019).
If the GDPR’s first 12 months have represented a transition period for regulators and companies alike, the risk of hefty financial penalties will increase as time passes and the teething phase of the new regulation comes to a close. If you are considering the appointment of a third party to carry out the data processing of your KYC/AML, or already have, but are still unsure about compliance with the GDPR, we’d love to help.
Our Virtual Compliance Desk will give you peace of mind regarding the processing of data for GDPR because:
- It is designed to meet all specifications for data processing under the GDPR;
- It makes it extremely easy to retrieve information about a specific customer;
- Customer’s right to be forgotten is built directly into the system, with a “kill” functionality that erases permanently all information about an individual on request;
- All information about your customers is fully encrypted and protected from any unauthorised access; and
- As a data controller, you can focus on the other aspects of compliance with the GDPR with the peace of mind that the data processing is fully compliant.
Book your consultation below and discover how our technology can assist you in GDPR compliance during client onboarding in a more efficient and cost-effective way.