Swiss banks and wealth managers subject to new EU regulation on data protection

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.

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Susanne Hofmann-Hafner
Director, Tax and Legal
+41 58 792 17 12

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Partner, Advisory
+41 58 792 25 19

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Partner, Cybersecurity
+41 58 792 75 12

Published by

Susanne Hofmann-Hafner

Susanne Hofmann-Hafner
PwC Zürich
Birchstrasse 160
Postfach, 8050 Zürich
+41 58 792 17 12

Susanne is the leader of the legal compliance practice in Switzerland. She specializes primarily in the design, implementation and assessment of compliance management systems, but also advises on all aspects of compliance related laws and regulations, which includes data protection, economic sanctions, anti-corruption / anti-bribery, competition law etc.

Before joining PwC, she was Chief Compliance Officer with the Swiss affiliate of a large international insurance group that included also the set up of a holistic compliance framework. Further, she gained experience as an Assistant State Attorney at the Public Attorney’s Office in Zurich.