News Room
December 2011 - Crossbridge's Louise Courtman quoted in Operational Risk & Regulation on the subject of EU Data Laws conflicting with FATCA
BackCrossbridge, the capital markets consultancy, specialist experts on FATCA delivery have been featured in the online Operational Risk & Regulation magazine. The article, titled "Leaked EU Data Laws cause conflict with FATCA" explored impact of the stringent data privacy laws on corporations complying with FATCA.
Leaked reports suggest corporations may be fined up to 5% of global turnover should they mis-handle client/customer information. Given the uncertainties around the legality of complying with data reporting under Fatca, there are concerns the leaked proposals could have serious implications for firms. Louise Courtman is quoted stating "As it is already widely believed that implementation of Fatca cannot go ahead until the US and EU have resolved these data privacy challenges, the potential of firms now incurring significant fines for such breaches makes the issue even more pertinent,".
"The potential introduction of stricter EU data privacy regulations highlights how critical it is that existing concerns about Fatca requirements breaching certain EU data privacy laws be addressed before an effective implementation of Fatca goes ahead," says Louise Courtman, an associate partner at the Crossbridge consultancy in London.
