Banks in the European Union are reassessing and reducing the due-diligence profiles they keep on all customers to avoid potentially game-changing fines for breaches of more stringent data protection rules set to take effect next year, say sources.
Several 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.
Variances in data-protection rules from country to country are impeding EU investigations of politicos with secret offshore holdings as documented by the Panama Papers, European lawmakers heard Thursday.