How Automation Can Help The Financial Sector Meet GDPR Requirements - Finance Digest Magazine

What a huge advance it is that the financial sector now has robots to relieve the ever-growing pressure of regulation. Almost everyone handling or processing personal data now faces vastly increased compliance requirements once the European Union's General Data Protection Regulation (GDPR) comes into force in May. The new rules cover the personally identifiable data of any European Union or British citizen and are very prescriptive, with penalties for infringement that could amount to four per cent of global revenue. Small wonder, then, that Fortune 500 organisations are reported to have spent $7.8 billion on GDPR so far. For the financial sector the challenges of GDPR come on top of the plethora of Know Your Customer (KYC) and Anti-Money Laundering regulations.