The WWFT requires Flexado to collect customer data for identification and risk assessment. The AVG protects personal data and sets rules for how that data is processed.
These laws complement each other:
Flexado may process data on the basis of a legal obligation (Article 6(1)(c) AVG) – this therefore requires no consent of the customer required.
Data will be:
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Used for AML (WWFT) purposes only
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Securely stored in the compliance portal
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Not shared with third parties without legal basis
Retention period: minimum 5 years after termination of customer relationship.
More info:
