Anti-money laundering and data protection : a symbiotic relationship

Abstract

The rationale of this thesis is to analyse the symbiotic relationship between the antimoney laundering (AML) and the data protection regimes, particularly within the respective regulatory frameworks. Accordingly, the author seeks to assess how the interrelationship between the AML and the data protection regimes may be approached, as well as consider the manner in which the overlapping requirements enshrined in the AML and data protection laws are to be addressed.

The author primarily reviews the way in which the AML and data protection laws are continuously evolving. The discussion then evolves in analysing the correlation between the AML and the data protection regimes, as well as the various AML implications on the protection of personal data. Following the analysis of the intrinsic relationship between the two regimes, this thesis looks at how technological innovation has led to new types of virtual currencies and distributed ledger technology (DLT) systems and delves into the possible risks and challenges they pose for regulatory compliance and supervision vis-à-vis the AML and data protection regulatory frameworks. The research study then goes to assess the effectiveness of the regulatory approach in balancing the opportunities and concerns presented by the emergence of these developments.

Based on the aforementioned findings, this thesis ultimately highlights the need to strike a proper balance between the AML and data protection regimes and thereby provides the author’s recommendations and concluding remarks for the best way forward.