General Data Protection Regulation (GDPR): 4 things you need to know

The General Data Protection Regulation (GDPR) impacts all of us as citizens of the European Union. It comes into force on 25 May 2018 and aims to give people more control over their personal data.

Why a new regulation?

We have all had to provide our email address, name and date of birth to partners or websites in order to create an account or receive information. These digital habits have led to the need to control how our personal data is managed, hence the General Data Protection Regulation (GDPR). Effective 25 May 2018, the collection, analysis, storage or transfer of personal data in Europe or for European residents will be governed by this new law. This affects not only client data, for example, but also the data of employees, service providers, partners, shareholders and so on.

What are the aims of GDPR?

The new European regulation will offer:

• greater transparency on how companies handle data
• a guarantee that the data will be used for legitimate purposes
• a guarantee of greater confidentiality of processed data

Who is affected by GDPR?

Any company – regardless of its size or economic sector – that collects, stores or processes the personal data of European Union residents and nationals is required to comply with the regulation. Government institutions, such as schools, are also affected. Every European citizen must be informed about the use of their data and give their consent to having their data processed, or be able to object to this.

What does this mean for Banque de Luxembourg?

Banque de Luxembourg places great importance on the protection of its customers’ personal data. This has been a fundamental part of our profession as a Private Bank ever since its inception almost 100 years ago. With the introduction of GDPR, we have therefore strengthened our privacy policy to include special emphasis on data protection.

Would you like more information about the impact of GDPR?

Visit the CNPD website (National Commission for Data Protection, Grand-Duchy of Luxembourg)

Visit the APD website (Data Protection Authority in Belgium)