Our office is seeking input from the community regarding areas of concern or gaps that map need to be addressed in how new privacy laws interact with financial regulations. Developing guidance on best practices should be a collaborative, multi-stakeholder process, and that the best way we can protect individuals’ privacy rights is by ensuring the practices make business sense, too.

The financial services community are invited to provide your input and to participate in a meeting on 25th March to discuss and explore the intersection of the pending Personal Information Protection Act (“PIPA”) https://www.privacy.bm/, due to come into effect on 1st January 2025, and financial obligations under the relevant AML/financial crime legislation, such as  https://www.bma.bm/document-centre/policy-and-guidance-aml-atf.  The aim is to identify any areas of potential inconsistency or gaps which may need to be addressed to ensure that both legislative and regulatory requirements complement each other, enabling our businesses to operate efficiently,…