EU Money Laundering Rules Need Data Safeguards: Report

Law360, New York (July 9, 2013, 7:33 PM EDT) -- The European Union’s privacy and data protection watchdog said last week the European Commission’s new anti-money laundering and anti-terrorism financing controls should include clearer guidelines about how regulatory authorities would safeguard user data when collecting information from financial institutions.

In a report to the commission on July 4, the European Data Protection Supervisor Giovanni Buttarelli said the EC should implement specific safeguards — including informing individuals about data collection methods and following the so-called principle of proportionality — when it implements its anti-money laundering safeguards, announced...
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