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GDPR for fintech: handling customer data the right way

By SendPay Business · · 2 min read

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The General Data Protection Regulation (GDPR) sets the rules for handling personal data in the EU, and the UK has its own version, UK GDPR, alongside the Data Protection Act 2018. Fintechs handle a lot of sensitive data, so getting this right matters.

Key principles

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GDPR and KYC work together

Anti-money laundering rules require firms to collect ID and keep records for set periods. GDPR allows this because it's a legal obligation, but the data should only be used for that purpose and kept no longer than the law requires.

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Breaches and customer rights

Serious personal data breaches must usually be reported to the regulator within 72 hours, which is the ICO in the UK. Customers can ask to see their data, correct it and, in some cases, have it deleted. Fines for serious failures can reach €20 million or 4% of worldwide annual turnover, whichever is higher, with equivalent sterling limits in the UK.

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Where SendPay fits

SendPay lets you launch your own branded platform with GBP, EUR and USD accounts, transfers and branded Visa cards, powered by licensed partners.

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How it works

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Why sign up

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It's all about creating your own financial platform with ease. Start with a free account today.

  • A free business accountOpen it in about a minute with your business name, email, password and mobile. No card and no documents to start.
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SendPay Business is a technology company, not a bank. Accounts, cards and payments are powered by licensed partners.

Questions people ask

What are KYC and AML?

The checks that confirm who customers are.

KYC and AML →
What is open banking?

Sharing bank data securely with customer consent.

Open banking →
What is DORA?

The EU rules on tech resilience for financial firms.

What is DORA? →

Read next

Spotted a mistake or something out of date? and we'll fix it. How our guides are made

This guide is general information, not legal or financial advice. SendPay Business is a technology company, not a bank, and does not take deposits; regulated services on the platforms are provided by licensed partners. Other companies named in this guide are reference points only and are not affiliated with SendPay Business.