According to the Dutch Data Protection Authority, financial data are sensitive personal data, because such data can provide very personal information about an individual’s private life. It is therefore important that organizations such as banks, insurers, pension funds, pension administration agencies, casinos, payment service providers et cetera deal with such data carefully. We are happy to help them achieve this aim.
Compliance with laws and regulations
We advise financial organizations regarding compliance with all relevant laws and regulations, including the GDPR and sectoral legislation, such as the Money Laundering and Terrorist Financing (Prevention) Act (Wwft). For each focus area, one or more baselines has been created, in which law has been translated into a more practical guideline
Area of accountability
We give financial organizations greater comprehension of their accountability risks and indicate the width and limitations of these risks within their organization. For example, it is necessary to determine who is the data controller and who is the processor - or are all parties data controllers? In view of the chain of responsibility, the entire chain must demonstrate its accountability for compliance with the GDPR. This means that it must be proven that management and security measures aimed at protecting personal data have been put in place and are effective.
We specialize in providing guidance to financial institutions. We do so by means of our accountability review (link to accountability review). This review creates an account that the management of the institution can present in order to show the extent to which the organization meets the requirements of the relevant laws and regulations.
Data Protection Officer
Financial institutions are not always required to appoint a DPO. However, given the number of data subjects and personal data (including sensitive personal data) for which a financial institution is responsible, it is advisable to appoint one.
Want to know more?
Contact us. We are delighted to meet you.