New European Anti-Money Laundering Directive Raises Privacy Concerns Among Regulators
European privacy regulators express concern over new anti-money laundering directive allowing sharing of personal data. Learn more about the potential impact on citizens and the call for legislative action. #privacy #AML #dataprotection
European privacy regulators, united in the EDPB, have expressed concerns about a new European anti-money laundering directive that is being developed, which could have serious consequences for European citizens. The proposed provisions would allow private companies and public authorities to share personal data with each other, including transaction and personal data collected for customer research and transaction monitoring. This could lead to people being placed on blacklists and excluded from financial services. The EDPB has called on European legislators not to include these provisions in the final proposal for the law, citing concerns about legality, necessity, and proportionality. The Authority for Personal Data has also raised objections to such provisions in Dutch legislation.