Payment Firms ‘High Risk’ Under EU Data Protection Reforms

Payment providers and other financial services groups could be particularly exposed to draft data protection reforms agreed last week by the EU’s main bodies, according to legal experts.

The European Commission, European Parliament and Council of the EU agreed on new data protection legislation, which would see all industries face fines of up to 4 percent of annual global turnover for non-compliance.

The EU-wide legislation is due to be passed by the parliament and council next year and come into force by 2018.

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