Partner Alex van der Wolk advises Asian-based companies, who offer goods and services to individuals in the EU, how to comply with the European Union’s General Data Protection Regulation in the Citywire article “EU data privacy rules to get tougher for Asian PBs.”
“…if any data was collected by the London office and passed onto the Singapore office for a Singapore-based customer, that data will have to be treated in accordance with GDPR,” he said. “I don’t know of any cooperation yet, but I am convinced they [EU authorities] will work with Hong Kong and Singapore. Especially because the Singapore privacy regulator has become very active.”
He added: “Private banks in Asia should assess now whether they are subject to GDPR, because if you are, you’re going to need the time to prepare.”
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