Privacy isn’t about something to hide. Privacy is about something to protect- Edward Snowden
Major countries have their own guidelines for policies. At this time in blog, we are only focusing on European Union (EU). In general, data protection laws in Europe hood the public sector as well as non-public sector.
- Third Party Concern:
- Prevent from penalties:
By following privacy policies laws, you can protect yourself from potential lawsuits,
Concern regarding data privacy in European Union
Right to privacy is an extremely developed space of law in Europe. In 1995, The European Union takes up the Data Protection Directive that regulates the process of private data among the EU. These standards should not meet only by business operations in EU but also followed by an organization that transfers personal information regarding the citizens of EU. On May 25, 2018, the updated version of Data Protection Directive came with a name ‘General Data Protection Regulation (GDPR)’.
The main area of interest for GDPR is protection of personal information and digital privacy
This law requires clear picture of why the companies collect the data and consent to share it. This law, in short protects the EU’s citizens. Any company or entity in the world who are dealing with EU citizens need to comply.
GDPR applies to any business that does the following:
Offers products and services to the EU citizens.
Gather personal information from EU citizens.
Examples of GDPR compliant privacy policies
Impact of BCBS 239
It continues on with a clause that covers how the information is used
Here Muse flow broken down shared information in two ways:
Personally identifiable information.
Non-personally identifiable information
This bifurcation is important as GDPR and other privacy laws apply to personally identifiable information. This is good for legal compliance as well as clarity for users.
Stage 3- Integration: is taking this laundered money and using that money to buy expensive things like property, boats, cars, watch etc. Examples are:
Investing in luxury goods
Buying commercial property
The estimated amount of money laundered globally in one year is 2 – 5% of global GDP, or $800 billion – $2 trillion in current US dollars
The immediate effect coming in terms of services in near future, where companies will be seeking permission to collect personal data of users. In clear terms it means a lot more ‘click to proceed’ boxes which leads to the text inside may be little clearer. The most necessary, the GDPR conjointly sets rules for firms who share data once it’s been collected and for it they have to analyse their analytical approach as well advertising.