The European banking industry has called for legal guidance on how banks should interpret data protection laws for anti-money-laundering purposes, S&P Global Market Intelligence reports. European Banking Federation Senior Policy Adviser Roger Kaiser said the EU General Data Protection Regulation has created uncertainty for banks as they implement processes to fight financial crimes. "There are situations in which the processing of personal data could be highly beneficial for AML purposes. However, it's unclear how to apply the rules of the GDPR," Kaiser said.
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