The Norwegian Data Protection Agency and the Norwegian Financial Supervisory Authority have together decided to include five projects in the regulatory sandbox. The projects will explore options for data sharing to combat financial crime.
- An effective fight against financial crime requires cooperation and data sharing. At the same time, data sharing is demanding, because different regulations impose some conflicting requirements, says a joint article on the Financial Supervisory Authority's websites. “The Financial Supervisory Authority and the Data Protection Authority therefore invited banks this autumn to apply to participate in the regulatory sandbox with projects exploring possibilities for data sharing.
The Norwegian Financial Supervisory Authority is now headed by Per Mathis Krogsrud (left in the picture) and the Data Inspectorate by Line Coll (right in the picture).
The FSA received five applications. The Data Inspectorate and the Financial Supervisory Authority have decided to take all five projects into the sandbox:
“It is very gratifying to see the great interest from the industry. It is important that industry and government work together to combat financial crime. For the FSA, it is also important to contribute to simplification and efficient operation in banks,” says Per Mathis Kongsrud, Director of the Financial Supervisory Authority (pictured left).
The purpose of the sandbox is that the projects can explore the possibilities of data sharing inherent in the current regulations, as well as assess any need for regulatory development. The projects will thus be able to provide useful clarifications for the industry, and insight for the Data Protection Authority and the Financial Supervisory Authority that can be included in further assessments of the regulations.
“The sandbox is a good place to explore opportunities and identify any obstacles. It is a flexible, informal meeting place. We will not build technical solutions, banks do it best themselves, but we will discuss and clarify regulatory issues,” says Director of the Data Protection Agency Line Coll (pictured right).
“In the future, the Data Protection Authority and the Financial Supervisory Authority will cooperate in the implementation of the projects, among other things, develop, concretize and refine issues to be elucidated. We look forward to that,” Coll said.
“The five projects raise interesting issues that will be able to provide new knowledge of great benefit for the work against financial crime, both for enterprises, industry and government. The applicants represent large enterprises and constitute a significant part of the banking market in Norway,” says Kongsrud.
Work in the sandbox will start up in a short time.
Once the projects are completed, a final report will be prepared which will be made public.
The Norwegian Data Protection Agency and the Norwegian Financial Supervisory Authority have together decided to include five projects in the regulatory sandbox. The projects will explore options for data sharing to combat financial crime.
- An effective fight against financial crime requires cooperation and data sharing. At the same time, data sharing is demanding, because different regulations impose some conflicting requirements, says a joint article on the Financial Supervisory Authority's websites. “The Financial Supervisory Authority and the Data Protection Authority therefore invited banks this autumn to apply to participate in the regulatory sandbox with projects exploring possibilities for data sharing.
The Norwegian Financial Supervisory Authority is now headed by Per Mathis Krogsrud (left in the picture) and the Data Inspectorate by Line Coll (right in the picture).
The FSA received five applications. The Data Inspectorate and the Financial Supervisory Authority have decided to take all five projects into the sandbox:
“It is very gratifying to see the great interest from the industry. It is important that industry and government work together to combat financial crime. For the FSA, it is also important to contribute to simplification and efficient operation in banks,” says Per Mathis Kongsrud, Director of the Financial Supervisory Authority (pictured left).
The purpose of the sandbox is that the projects can explore the possibilities of data sharing inherent in the current regulations, as well as assess any need for regulatory development. The projects will thus be able to provide useful clarifications for the industry, and insight for the Data Protection Authority and the Financial Supervisory Authority that can be included in further assessments of the regulations.
“The sandbox is a good place to explore opportunities and identify any obstacles. It is a flexible, informal meeting place. We will not build technical solutions, banks do it best themselves, but we will discuss and clarify regulatory issues,” says Director of the Data Protection Agency Line Coll (pictured right).
“In the future, the Data Protection Authority and the Financial Supervisory Authority will cooperate in the implementation of the projects, among other things, develop, concretize and refine issues to be elucidated. We look forward to that,” Coll said.
“The five projects raise interesting issues that will be able to provide new knowledge of great benefit for the work against financial crime, both for enterprises, industry and government. The applicants represent large enterprises and constitute a significant part of the banking market in Norway,” says Kongsrud.
Work in the sandbox will start up in a short time.
Once the projects are completed, a final report will be prepared which will be made public.
