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Banks Struggling to Navigate Conflict Between Compliance and Data-Privacy
By Valentina Pasquali
printSeveral of the world's largest financial institutions are years into the process of rethinking and updating how they share the personal information of their customers across borders to thwart illicit finance. But their efforts, which run parallel to broader overhauls of anti-money laundering and sanctions-compliance departments costing tens of millions of dollars, are increasingly hindered by the proliferation of complex and onerous data-privacy restrictions across several countries and jurisdictions, say sources. One of the institutions, Deutsche Bank, is centralizing know-your-customer data obtained from its affiliates, Susan Skerritt, the bank's chief executive officer, said this month at an industry conference in...
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