In this video we will show you how to use our SCOPE Know Your Customer Cloud Portal, in order to meet the requirements of the European GDPR privacy
Besides the fact that our SCOPE KYC Cloud portal is MiFID II compliant, it also measures up to the requirements of the European GDPR privacy law. A key requirement of the GDPR is complete transparency. When the clients give permission to share their personal information, they will receive a notification which states how the information they submit will be used and how they can allow the asset manager to handle their data in a trustworthy environment.
Our KYC software functions as a customer portal, in which the clients of an asset manager are able to manage and adjust their own personal information at any time. The requirement of complete transparency is met by allowing the client full access to his or her stored data. This also ensures that the data is up-to-date and correct, and therefore compliant with the second requirements ‘trueness’.
A third requirement is data limitation, which requires that the personal data will be used for a justified and legal purpose. Our KYC Cloud solution has straightforward limitations which are set by the contemporary regulations, so the clients do not have to worry about the security of the data they have submitted. In addition, our software does not store the data for a longer period than is necessary for their purpose, and therefore meets the fourth requirement of storage limitation, as set by the GDPR.
In line with the GDPR, privacy by design and privacy by default have been applied to our software. It is important that the stored data are protected from unauthorized access, data loss or destruction. By utilizing our software, clients their data will automatically be encrypted, and a two-factor-authentication process can be applied.
A large number of responsibilities and requirements set by the GDPR are taken on by both Scope and Microsoft Azure as administrators of the KYC Cloud Database. Microsoft Azure is committed to earn the trust of their customers in financial services. Azure offers cloud services for businesses, based on four fundamental principles: security, privacy and control, compliance and transparency. Microsoft Azure receives continuous input from leading banks and insurance companies across the globe, in order to improve our offerings and to help meet the contemporary legal requirements. The Microsoft Azure Cloud platform has obliged to meet the requirements of the GDPR 2018.
An important note to make is that our KYC solution does not guarantee an automatic compliance with the GDPR. The key principle of the SCOPE Know Your Customer solution is to provide a tool, which does not diminish the need for the asset manager to be proactive. It is the asset manager who assesses any irregularities and further questions certain situations in order to comply with the GDPR.
In a nutshell, Scope provides a KYC solution which is entirely based on contemporary legislation. We provide a portal in which the clients maintain control over their data and in which the asset manager can easily comply with the GDPR regulations when he or she uses our tools in accordance with the law.
Feel free to contact us for more information on how you can use our software to manage your client’s data in an easy and effective manner.