European anti-money laundering legislation means customers and businesses are required to provide potentially sensitive documentation to prove their identities. But how safe are the methods of sharing and storing those documents? Are these attempts to strengthen security creating security and privacy risks of their own?
Right now, we’re stuck with a system that forces customers to duplicate key processes, and means sensitive personal documents are stored in multiple locations with multiple services. That’s a poor experience for customers. More seriously, it greatly increases the risk of data breaches. Recent years have proved – with increasing frequency – just how urgent those risks are. (more…)