In The News

Regulators Look to Wield Open Banking Against Financial Crime

PaymentsCompliance

22 Oct 2019
Reprinted with permission.

Morrison & Foerster of counsel Yulia Makarova spoke to PaymentsCompliance in an article that covers how regulators are looking beyond commercial uses for application programming interfaces (APIs) in their efforts to tackle financial crime.

Though regulators are eager to begin using this technology in new ways, a number of legal and technical issues could get in the way. “There would be data privacy concerns, and implications to such access by the regulators from a GDPR standpoint,” Yulia said. “If the regulators were to monitor certain operations or fund flows, or banks’ general compliance with the regulations, they would inevitably need access to information about specific transactions and that will bring it into GDPR territory.”

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