News Room
January 2012 - Crossbridge quoted in Operational Risk and Regulation
BackCrossbridge is quoted in the January publication of the Operational Risk and Regulation magazine. The article, entitled, 'Leaked EU data privacy laws could conflict with US,' explores the potential impact of the stricter data privacy laws on compliance with FATCA.
According to a leaked proposal from the EU, companies that fail to adequately protect customer information may face much harsher fines. There are already concerns around FATCA reporting requirements breaching data privacy laws in certain EU countries and this news has put increased pressure on the US Internal Revenue Service (IRS) to clarify the data privacy issues involved.
Louise Courtman, Associate Partner at Crossbridge, featured in the article advising that the proposed 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 by the US and the EU, before an effective implementation of FATCA goes ahead and that the potential of firms now incurring significant fines for such breaches makes the issue even more pertinent.'
