Norways DPA and FCA joins forces to combat cybercrime
Economic crime poses a significant challenge to society, with vast sums of money being taken from individuals and the community at large. The financial impact is substantial, with billions of euros spent on prevention efforts. To utilize these resources more effectively, there is a pressing need for improved information exchange systems and a willingness to collaborate among both private and public entities. The complexity of existing regulations often leads to conflicting requirements for stakeholders, complicating efforts to combat economic crime.
In response to these challenges, Datatilsynet and Finanstilsynet are inviting banks that are developing data-sharing solutions to participate in a sandbox project. This initiative aims to provide support and guidance from both regulatory authorities. The director of Finanstilsynet, Per Mathis Kongsrud, emphasizes the importance of banks applying to the sandbox to explore technical solutions and new collaborative models for secure data sharing between businesses and government entities.
The insights gained from this sandbox project are expected to identify regulatory barriers and establish a solid foundation for assessing potential needs for new regulations, all while respecting privacy constraints. Line Coll, the director of Datatilsynet, highlights that the experiences from this project will be instrumental in understanding the regulatory landscape and ensuring compliance with privacy laws.
Source: Tilsyn går saman i kampen mot økonomisk kriminalitet
