A study from the SWIFT Institute highlights the laws seeking to use data to safeguard financial systems, laws protecting data privacy, and the differences in the laws between the U.S. and the EU, Automated Trader reports. The study reveals the EU’s Anti-Money Laundering Directive mandates enterprise-wide data protection in AML/Counter-terrorist financing operations spanning a multinational financial institution. The U.S. does not have this requirement, creating regulatory risk. "The U.S. and EU subscribe to Financial Action Task Force recommendations, but there are notable differences in implementation. The EU is setting the terms of data protection in AML/CTF compliance, and there are few people with the knowledge and skillsets to communicate across these disciplines,” writes the study’s author Dr. Michelle Frasher, who recently keynoted the IAPP PPS-DC financial services track.
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