The balancing act between data protection and AML in the banking industry

Abstract

The thesis aims to determine the problematic aspects of striking a balance between data protection and anti-money laundering and combating the financing of terrorism (AML/CTF) laws for the business of banks based on the comparative analysis of applicable laws and cases. The problematic aspects of striking a balance between data protection and AML/CTF laws for banks were identified on the basis of analyzing the business of banks that were faced with regulatory compliance failures in Latvia and Switzerland, ABLV bank and HSBC bank in particular.