It is a truism that information management is the basis for a successful banking business. As you may know, the EU General Data Protection Regulation (GDPR) is a fundamental regulatory revision of information management and a new chapter on data protection. While governing the entire processing of personal data, the GDPR can be easily called a milestone in data protection.
As the regulation will be in force starting May 2018 and imposes far-reaching obligations on all processors of data of EU residents, it is high time to decide on concrete next steps. The GDPR will apply to all Swiss banks and wealth managers actively offering cross-border services to customers domiciled in the EU. Swiss Banks may also consider that compliance with GDPR will likely mean to be essentially compliant with the future revised Swiss Data Protection Act.
PwC Switzerland is pleased to present a white paper on the impact of the GDPR on banks and wealth managers in Switzerland. The paper outlines regulatory requirements for banks and wealth managers and analyzes the impact on institutions. With a detailed approach, the study also shows the importance to combine the regulatory requirements with operational excellence initiatives, linked to digitalization and data security, to prepare your institution at best for the future.
We are delighted to support your bank with any questions around GDPR and data privacy to ensure regulatory compliance by May 2018. Please do not hesitate to contact us for any further questions.
Director, Tax and Legal
+41 58 792 17 12
+41 58 792 25 19
+41 58 792 75 12