Data anonymization is the process of removing personally identifiable information from data set. It reduces the risk of unintended disclosure when sharing data between countries, industries, and even departments within the same company. It also reduces opportunities for identify theft to occur. The European Union’s new General Data Protection Regulation (GDPR) demands that stored data on people in the EU undergo either anonymization or a pseudonymization process. Collecting anonymous data and deleting identifiers from the database limit the ability to derive value and insight from data. A 2021 Cisco Data Privacy Benchmark Study revealed that companies that invested in a better privacy experience got almost double in returns, with a 76% increase in customer trust.
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On May 30, 2024, the European Union Council published a package of legislative proposals to strengthen the EU’s rules on anti-money laundering and countering the financing of terrorism (AML/CFT).
The EU AML Package consists of:
• Sixth Anti-Money Laundering Directive:
• Organizes national authorities to combat money laundering and terrorism financing.
• Creates Centralized Bank Account Registers for single access point data
• Harmonizes the format of bank statements for better tracing and confiscating crime proceeds.
• EU "Single Rulebook" Regulation:
• Harmonizes anti-money laundering rules across the EU.
• Includes new entities like crypto-sector, luxury goods traders, football clubs, and agents.
• Sets EUR 10,000 limit on cash payments
• Imposes stricter due diligence standards and regulates disclosure of beneficial ownership.
• Anti-Money Laundering Authority:
• Based in Frankfurt, it will have supervisory powers over...
