The key and most far reaching changes in recent years has
undoubtedly been the introduction of the General Data Protection
Regulation (GDPR), as well as the introduction, strengthening and
expansion of rules and regulations relating to the prevention and
suppression of money laundering and terrorist financing –
commonly referred to as Anti Money Laundering laws and regulations
or "AML").
The General Data Protection Regulation (GDPR) is designed to
protect the data privacy of EU citizens. Every company that legally
processes the data of EU citizens, regardless of where that
company is located, must comply with GDPR
policies. The fines for non-compliance are indeed quite
significant, as they can reach as high up to €20 million or up
to 4% of the company's annual sales (whichever is greater).
