In today’s digital age and with increased data security breaches, data privacy and AML rules is a major concern and regulatory burden at all financial institutions, especially multinational institutions. Financial data is governed by two sets of regulations: anti-money laundering and counter-terrorism and data protection and privacy laws. The time is now to set industry standards for data privacy and transform client privacy into a business asset. For more information or assistance please contact James Dowling (James.Dowling@marcumllp.com), member of Marcum’s Financial Institutions Industry Group.
See the attached article entitled “Data Privacy and AML Rules on a Transatlantic Collision Course” written by Michelle Frasher at American Banker for more details on accountabilities and best practices within the data privacy and AML arena: http://www.americanbanker.com