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Global Banking & Finance Review: European Due Diligence is About to Get a Lot More Complicated

The European Union’s General Data Protection Regulation (GDPR) presents a fresh set of due diligence obstacles for compliance and anti-money laundering (AML) officers, Exiger’s Managing Director, Richard Atkin, tells Global Banking and Finance Review

Along with stricter penalties for noncompliance, GDPR poses challenges for researchers and investigators who collate data and for companies which rely on that data to adhere to their own stringent AML and know your customer (KYC) requirements. Specifically, individuals are afforded more control over their information through the right to be forgotten, the right to object and the need for institutions to obtain customer consent, directly impacting how due diligence professionals are able to obtain and use customer information that is pertinent to investigations.

Atkin explains, however, that solutions exist for due diligence researchers and investigators working within this new regulatory ecosystem. Successful outcomes for professionals will result for those who have a firm grasp of the law coupled with an astute use of relevant new technological tools. 

Read the full article here.

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