The banking sector has a long tradition of compliance and affinity with customer data protection since even before the entry into force of the Directive 95/46/EC. This enduring commitment underscores the industry’s dedication to maintaining the highest standards of data security and privacy for its clients.
This response complements the questionnaire response provided to the European Commission Multi-Stakeholder Expert Group of which the European Banking Federation is a member of. The introduction of the GDPR resulted in a significant increase in the attention for and the application of data protection rules.
The banking sector has a long tradition of compliance and affinity with customer data protection since even before the entry into force of the Directive 95/46/EC. This enduring commitment underscores the industry’s dedication to maintaining the highest standards of data security and privacy for its clients. The principle and risk-based approach of the Regulation remains one of its main benefits and should remain at the core of the GDPR. This is important for banks in light of the many sectoral regulations they have to abide by and for their ongoing digital transformation. However, challenges remain, and we would like to highlight the following general points:
- Ensuring the uniform application and implementation of the GDPR across member states
- Practical consideration of the interplay between the GDPR and other regulations, including at the sectoral level
- Preserving the risk-based approach of the GDPR.
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