What is GDPR ?
The General Data Protection Regulation (GDPR) imposes obligations onto organizations anywhere, so long as they target or collect data related to people in the European Union. The GDPR will levy harsh fines against those who violate its privacy and security standards, with penalties reaching into the tens of millions of euros.
GDPR in Monaco explained
In fact, businesses are impacted very substantially, since any processing by an entity based in Monaco of personal data from clients residing in a UE country is potentially subject to GDPR provisions. Any cross border activity a Monegasque company may carry out on UE territory is within scope. Monaco entities offering services or products to UE clients have to comply with both Monaco data protection laws and GDPR. A new law in Monaco amending the current data protection legislation is soon expected.
This change in legislation is also required to obtain the long-awaited “adequate level” of protection for the Principality of Monaco which will facilitate data transfers from an UE controller. An issue that is not relevant for Switzerland that is considered as guaranteeing an adequate level of protection.
What should wealth management firms do to comply with GDPR in Monaco ?
Wealth management firms in Monaco should take the following steps to comply with GDPR:
- Appoint a Data Protection Officer
- Conduct a data audit
- Implement data security measures
- Train employees on data protection
- Establish procedures for data breaches
- Register with the Data Protection Commission (CCIN in Monaco)
- Deploy a wealth management solution including CRM and compliance features.
Source : François Poher, Associate – DL Corporate & Regulatory Monaco
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