GDPR Data Privacy Considerations for Business Partner Screenings

Data Privacy

Regulated entities are required to conduct business partner screenings to remain compliant with Anti-Money Laundering (AML) and Counter Terrorist Financing (CFT) regulations. These screenings, which include PEP and Sanctions Lists screenings, involve personal data and hence GDPR data privacy regulations must be taken into consideration.
Let’s dive into GDPR and how it affects business partner screenings.

Best Practices For Your PEP Screening Process

PEP screening is an important aspect of Anti-Money Laundering and Know Your Customer (KYC) regulation. It involves validating a customer’s identity to determine if they are a PEP – a politically exposed person. While companies are of course not not prohibited from working with somebody on a PEP list, there are additional due diligence measures that are required.

A Quick Overview of the EU’s 5th Anti Money Laundering Directive (Video)

The EU Directives are legislative acts that establish common goals for all EU member states. Each country has the flexibility to determine its own framework to meet these directives, so long as they are met. Although these are legally non-binding, failure to comply can lead to fines and other punitive actions. Get an overview of what you need to know about the EU’s 5th Anti-Money Laundering Directive in our short video.

The EU’s 5th Anti-Money Laundering Directive

The EU Directives are legislative acts that establish common goals for all EU member states. Each country has the flexibility to determine its own framework to meet these directives, so long as they are met. Although these are legally non-binding, failure to comply can lead to fines and other punitive actions.

Let’s dive into everything you need to know about the EU’s 5th Anti-Money Laundering Directive!

The Cost of Neglecting Sanctions Checks (Video)

Sanctions lists and PEP (Politically Exposed Persons) lists screenings are required as part of Anti-Money Laundering (AML), Counter Terrorist Financing (CTF) and Know Your Customer (KYC) compliance.
Get a quick overview about the risk for non-compliance with AML regulations in our video.

High-Risk Industries for Money Laundering and Terrorist Financing

Money laundering and terrorist financing are a risk in every industry, but certain industries pose higher risks than others.
Let’s take a look at what money laundering and terrorist financing are, and what types of activities and industries have greater risks.

AML Regulations in the European Union

The European Union has several AML and KYC regulations in place to prevent money laundering and terrorism financing within its financial systems. This is an overview of existing regulations in the EU and in its member states.

AML Regulations in the UK After Brexit

The European Union has an extensive anti-money laundering (AML) framework in place, and there are many questions about the implications of AML regulations in the UK after Brexit.
Let’s dive into what the current AML regulatory landscape looks like in the UK, and what changes may be in store after Brexit.

AML Regulations and Cryptocurrency Businesses

Anti-money laundering (AML) and counter-terrorism financing (CTF) laws apply to regulated businesses around the world, and failure to comply with these rules can lead to costly penalties and sanctions. While these regulations are generally viewed in the scope of traditional financial institutions, they also pose implications for cryptocurrency businesses.