Several banks are lobbying officials in Brussels over concerns that specific aspects of the proposed General Data Protection Regulation (GDPR)—notably the so-called right to be forgotten as well as potential fines of up to two to five percent of global turnover—would make it more difficult for lenders to detect fraud, efficiently extend loans and effectively provide other online services, Financial Times reports. “There’s a huge amount of concern about what it’s going to mean in practice,” said Deloitte’s Peter Gooch, CIPM, CIPP/E. “A lot will depend on the extent of enforcement.” He said the size of the proposed fines “sounds really scary.” Angela Teke, who represents a bank-lobbying group in Europe, said the new standards could stymy global transfers of data even in cases where such transfers would combat fraud or terrorism. (Registration may be required to access this story.)
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