Recommendations issued by Europe's data protection watchdog to ensure EU anti-money laundering reforms stay onside of privacy rules could benefit compliance departments, but only if regulators convert them into practical guidance, sources told ACAMS moneylaundering.com.
The EU's plans to explicitly allow banks and "public authorities" to share tips on suspected fraudsters, money launderers and other criminals closer to real time would breach data privacy and protection standards, the European Data Protection Board has warned.
EU officials want banks, financial intelligence units and other interested parties to weigh in on the growing number of public-private platforms through which financial services industry professionals and government agencies share data on suspected financial crimes.