Interactive
CASINOBEATS MALTA MARCH 22-24, 2020
GDPR is treated with critical importance at LV Bet. We have a stringent DPO who takes care of GDPR implementation. There are clear procedures in place when it comes to GDPR processes. The essential requirement is the proper training of personnel and highlighting the GDPR issues with refresher sessions so employees are always aware of the importance of the subject.
approach to their processes and policies.
Te monitoring process plays a huge role when it comes to the protection of vulnerable customers.
Knowing your customers these days should not only mean collecting customer documents. If a customer tells you, or are showing signs that they might need help, provide it, and remember if they’ve needed it before. Log this information (while remaining GDPR compliant!) so the next time they contact you, they don’t have to repeat themselves and you might need to refer them to a specialist team.
General Data Protection Regulation - GDPR - is this still a tricky issue to navigate from a compliance perspective and how is LV Bet dealing with GDPR?
GDPR is treated with critical importance at LV Bet. We have a stringent DPO who takes care of GDPR implementation. Tere are clear procedures in place when it comes to GDPR processes. Te essential requirement is the proper training of personnel and highlighting the GDPR issues with refresher sessions so employees are always aware of the importance of the subject.
Pay and Play is becoming a hot topic with regards to ID checks and verification in the online sector. With the issues surrounding screen scraping and KYC, especially in the the UK, is Pay and Play a compliance issue waiting to happen?
We would need to get some context on the matter itself, the few critical aspects as screen scraping, open banking, PSD2 which is a major ‘game-changer’ for any national payments market in Europe.
Andrea Enria, chairperson of the European Banking Authority (EBA) stated in a speech to
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the Westminster Forum that “… the current practice of third party access without identification referred to as ‘screen scraping” will no longer be allowed once the transition period under the PSD2 has elapsed and the RTS (Regulatory Technical Standard) applies.”
Tis speech was followed up with the final draft of the RTS confirming the intention to ban screen scraping 18 months after it comes into force. Since that announcement, there has been consternation amongst the ranks of European FinTechs. Te EU Commission itself has called on the EBA to rethink the ban.
Tere comes Open Banking in play and the question if Banking can overcome the flaws associated with screen scraping.
Te purpose of Open Banking was to make the
process of retrieving a customer’s transaction data more safe and secure.
When it comes to regulation, Open Banking can only be utilised by third-party providers regulated by FCA whereas screen scraping is generally unregulated.
Open Banking was designed to replace screen scraping as a more secure, faster, and better alternative. For companies who need or want to access account data but have yet to adopt Open Banking, the looming deadline should push them to take this latest innovation in financial technology.
So yes, anything that remains unclear when it comes to practice following regulatory changes, especially when it needs to be adopted by technology, it might become an issue.
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