DUBLIN, Ireland—The impact of the European Union’s General Data Protection Regulation (GDPR) is being felt in Ireland, according to a new report.
The lack of preparedness among Irish firms for GDPR changes and the European Commission's anti-money laundering directives has led to widespread fines, said James Treacy, managing director of Stubbs Gazette, in a report from the Independent.
Treacy said that the topic had become particularly relevant in recent times.
"With the introduction of GDPR and the new EU anti-money laundering directives it makes it a lot easier for organizations such as banks and government agencies to share information as long as they have a legitimate purpose," he said.
"However, almost all of the major banks in Ireland have been slapped with fines, not because they're aiding money laundering but rather that they haven't got their documentation in place and they're not seen to do their screening and their ID verification checks," said Treacy in the report.