What is GDPR?

It is the regulation that will protect all personal or professional data of the citizens of the European Union member countries and ensure that the rights on these data are taken and terminated from internet companies. Any organization using the personal data of individuals must comply with this regulation. In case of non-compliance, sanctions such as fines are applied to the institution.

In GDPR, the rights to the user’s personal data are determined precisely. In order to collect, store and process the information of the person concerned, firstly it is necessary to clearly state the purpose for which it will be handled. If the purpose changes, it is necessary to get permission from the person concerned. Therefore, all companies in Europe will need to conduct a rigorous review of how they will use personal data before dealing with them.

Main criteria for compliance obligation:

•To be in a European Union country,

•To process the personal data of European Resident persons, even if they are not in the European Union,

•Having more than 250 employees,

• Having data processing processes that affect the rights and freedoms of data owners, with fewer than 250 employees.

5 important points that companies need to consider in order to adapt:

1. GDPR compliance is mandatory for all data you collect.

2. High penalties. 

3.When requesting personal information from the user, clear and easily understandable permission should be requested from the user.

4.Violation notices: According to the new regulation, the institution or organization must complete the notification process within 72 hours after it becomes aware of the violation.

5. Privacy

All companies that offer goods or services to European citizens or monitor their behavior are affected by GDPR regulations. GDRP implementation has a very wide domain because it is an regulation including both controllers and processors.

Getting expert support to fully and effectively comply with this new regulation prevents you from risking your business.

Protect your business with our growing sanction screening tool. Ensure transparency in your business by scanning regularly with our PEP & Sanction lists. Please don’t hesitate to contact us for more information.

Request a demo and learn how Sanction Scanner prevents your firm from the Financial Crime.