KYC vs Data Protection – The Next Compliance Hurdle

How banks can manage local KYC obligations and deal with complex, cross-jurisdictional data privacy requirements.

At a time following several high profile whistleblowing cases such as the “Edward Snowdon” affair, “Wikileaks” and the “Sony” hacks, there has been a greater emphasis placed on data privacy and the requirement for personal data to be held securely by companies. As a result, there is now a very clear and concerted move towards harmonizing regulations around personal data privacy and increasing the protection afforded to individuals. 

In this paper, Laura Glynn, Senior Regulatory Analyst, examines how financial institutions can manage local jurisdictional KYC obligations and deal with complex security and data privacy requirements across jurisdictions. She considers the global and cross- jurisdictional data protection laws (check out the Jurisdictional Use Cases at the end of this document) and how these can be categorized into common themes. 

About the Author:

Laura Glynn FenergoLaura Glynn, Senior Regulatory Analyst.

Laura has significant knowledge and experience in the areas of risk and compliance. Having worked with hedge, mutual and private equity products across multi-jurisdictional platforms, Laura has developed a strong competency in AML and regulatory compliance.


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