Cody Olson from CIL CONSULTING by TNP spoke at the 2017 European KYC & Identity Conference on March 1st on the integration of Privacy by Design in KYC procedures.
The workshop opened with a brief description of the General Data Protection Regulation and how it intertwines with the 4th Anti-Money Laundering Directive and national AML provisions.
As identity is inherent to KYC, data protection is inherent to identity. Therefore, all aspects of this process must be taken into account when implementing risk-based approaches to KYC and AML.
Privacy by Design is a GDPR obligation that has three pillars: Research, Legal Innovate & Demonstrate. During the workshop, Cody demonstrated how data protection is not an barrier to new technologies & KYC, but rather a framework designed to protect all actors. Taking each new technology (Big-Data, predictive AML technology, machine learning, biometric recognition & block-chain), Cody gave the tools needed to fully understand the importance of the three pillar system and the need for data protection.
« Data Protection by Design and legal innovation are the foundation and cables that bridge the gap between technology innovation and compliance. »