Financial institutions in Poland are caught between European data protection laws and national on-boarding requirements, forcing some into onerous work-arounds to avoid the risk.
Under the General Data Protection Regulation (GDPR), which came into effect on May 25 this year, companies are required to operate under the principle of “data minimisation” — processing and holding the minimal amount of data necessary for the task at hand.
They are also forbidden from holding more data on customers than needed for professional purposes.
To continue reading...
Our Key Benefits
PaymentsCompliance is a premium information service for compliance, legal and regulatory professionals. Our award-winning regulatory monitoring platform is used by many of the world's leading payment services providers and e-money institutions, regulators, challenger banks, fintechs and law firms.
We keep our clients informed of critical regulatory change and help them understand, with in-depth analysis, when change is coming and the implications for their organisation.
We provide our clients with a quantifiable and significant ROI by reducing the amount of time and money spent monitoring and analysing regulatory environments in multiple jurisdictions.