Tag Archives for " FinTech "

EU regulators provide guidance for digital ‘on-boarding’ by financial firms

Financial firms should consider requiring customers to provide proof of identity from documentation containing “high security features or biometric data”, such as passports, to ensure that digital-only ‘on boarding’ processes comply with anti-money laundering rules, EU regulators have said.

Source: EU regulators provide guidance for digital ‘on-boarding’ by financial firms

Tech Talk: States Take On Privacy; Realizing the Potential of Fintech

CDT’s Tech Talk is a podcast where we dish on tech and Internet policy, while also explaining what these policies mean to our daily lives. You can find Tech Talk on SoundCloud , iTunes , and Google Play . This episode is all about privacy and data First we take a look at how states are filling the void when it comes to shaping pro-privacy policies for internet users.

Source: Tech Talk: States Take On Privacy; Realizing the Potential of Fintech

ICO: Open banking ‘a key way’ for banks to meet data portability duties under the GDPR

The adoption of open banking could help payment service providers (PSPs) meet their obligations under new EU data protection laws, the UK’s Information Commissioner’s Office (ICO) has said.

Source: ICO: Open banking ‘a key way’ for banks to meet data portability duties under the GDPR

New Privacy-Protecting Identity Platform announced

LuxTrust S.A., the leading European Trust Services Provider, and Cambridge Blockchain LLC, the Massachusetts-based pioneer in digital identity enterprise software, today announced the development of a new privacy-protecting European identity platform. The platform will offer businesses and consumers a trusted environment to exchange and manage personal data online, in full compliance with strict data privacy rules such as the European General Data Protection Regulation (GDPR).

Source: LuxTrust and Cambridge Blockchain Announce Privacy-Protecting Identity Platform | news.sys-con.com

New European Union Financial Rules to Give U.S. Consumers Protection as Well

Thanks to new set of regulations in the European Union, customers of U.S. financial institutions – banks, credit-card companies and insurance companies – soon will enjoy better protection of their personal data.

The General Data Protection Regulation (“GDPR”) will force companies to be more transparent about the type of data they collect on individuals, how that data is used and when personal information is exposed in a breach.

GDPR takes effect in May 2018 and will apply to all companies that process data on EU citizens, even if they are located outside EU. It is also expected that large multinational companies, including financial institutions, operating in multiple jurisdictions will adopt single set of rules throughout their operations, rather than try to enforce multiple sets of rules across locations.

Source: New European Union Financial Rules to Give U.S. Consumers Protection as Well

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