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Five Years of GDPR: Reflections and Future Prospects – A Perspective by Colum Lyons
Tomorrow, the world will celebrate the 5-year anniversary of the General Data Protection Regulation (GDPR) – an integral piece of legislation designed to bolster data privacy rights across the globe. Yet, as we reflect on the advancements made thus far, Colum Lyons, the CEO and Founder of ID-Pal, Ireland’s leading ID verification solution, urges us to look beyond the past achievements. Lyons contends that despite considerable progress, there’s still a considerable distance to be covered in the realm of data privacy and protection.
Colum Lyons, CEO and Founder of ID-Pal, comments:
“Five years on from the introduction of GDPR and there is still a long road to go. Even this week, Meta has been hit with a record €1.2 billion fine by the Irish Data Protection Commission (DPC) for violating a GDPR rule, proof that severe consequences are waiting for businesses if the right GDPR-compliant measures are not in place.
“Customers’ personal data must be carefully managed and a lot of organisations still struggle to do this. As more and more industries are being asked to verify their customer identities, this is even more critical to get right when verifying identities as part of Anti-Money laundering (AML) or Know your Customer (KYC) processes. The onus is on the organisation to capture, verify and store their customer’s personal data securely.
“Identity verification processes that use document verification, alongside biometrics and database means a solution meets regulatory guidelines in a more robust way, making the process more complex for fraudsters to outwit but makes the journey seamless for users.”
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GTT Integrates Insurants AI to Power Insurance Data Intelligence Across Regulated Markets
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The Paytech Magazine Issue #18
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Napier AI Targets Critical Gaps in AML with Launch of Insights AI, Tested in FCA Supercharge Sandbox
Napier AI, a global leader in AI-powered financial crime compliance solutions, announces its latest AI innovations are available in product Insights AI, a new capability within their Transaction Monitoring solution designed to close critical gaps in anti-money laundering (AML) investigations. This follows extensive testing in the Financial Conduct Authority (FCA) Supercharged Sandbox.
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Loan servicing, long one of the most manual and operationally intensive areas of financial services, is beginning to shift as AI voice agents move from pilots into live production environments.