Data privacy presents compliance challenges

Financial institutions should expect data privacy laws like the California Consumer Privacy Act (CCPA) to spread to other states and countries, creating pressure on multinational banks.  In this episode of “The Buzz,” Bank Automation News learns that even banks with customer service based in other countries will be challenged to comply with new regulations, according to Evgeny Likhoded, founder and chief executive for at compliance automation company ClauseMatch.  “A bank might have clients in the U.S., but customer service in a different country, and offices in 60 other countries,” Likhoded says. “Then, separating that client data and making sure that no one can access it where they are not supposed to, technically, is going to be a challenge.” ClauseMatch’s client list includes the fintech Revolut and Barclays Bank, which has 90,000 staff members using the tool to automate compliance documents and policies.   Listen as Likhoded also discusses in this podcast the looming compliance issues presented by environmental, social and corporate governance (ESC) criteria, and artificial intelligence.