The European Data Protection Board (EDPB) has adopted a letter to the European Parliament and Council of the European Union highlighting the privacy and data protection risks in the proposed amendments concerning data sharing for anti-money laundering and countering the financing of terrorism (AML/CFT) purposes. The EDPB is concerned about the "lawfulness, necessity and proportionality" of the provisions and that they do not sufficiently define the justifiable processing conditions and safeguards, which could lead to very large-scale processing by private entities.
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