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Effective May 25, the General Data Protection Regulation is a framework to enforce data protection and privacy laws. Although GDPR is a European regulation, financial services organizations doing any kind of data processing for European consumers will have to adhere to the requirements to remain in compliance.

While financial services organizations are no strangers to regulations, GDPR may very well set a new standard for securing consumer data and possibly start a trend in privacy laws globally. Hundreds of pages long, GDPR includes basic methods to empower consumers to control their privacy and sensitive financial data.

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