“We have agreed on the changes and will be able to adopt it in early July,” European Commission spokesman Christian Wigand said Friday.
Multiple sources are reporting that a revised draft has been reached on the EU - US Privacy Shield. The European Commission (who have been negotiating terms) are said to be happy with the amended changes and an official statement by the EU is likely early next week. Businesses and stakeholders will then be expected to conform to the new legislations.
"Reviewing Vendor and Third Party Outsourcing for Better Management, Understanding and Regulatory Compliance"
We have selected some of the AML news highlights from the past 21 days across the globe and condensed them into this short blog post.
This Monday saw two men, Martyn Dodgson and Andrew Hind found guilty of insider trading after a four month trial in what is Britain’s biggest ever insider trading case.
Top Industry Reactions
Last week a number of big players reacted to the amended Safe Harbor agreement, the EU-US Privacy Shield. – (read our previous Privacy shield updates here)
Microsoft came out as the first major US tech company to back the Privacy Shield. Speaking on behalf of Microsoft, John Frank, Vice President of EU Government Affairs posted to the company blog.
“We recognize that privacy rights need to have effective remedies. We have reviewed the Privacy Shield documentation in detail, and we believe wholeheartedly that it represents an effective framework and should be approved.”
