The Concept of Privacy: Legal Restrictions on Privacy in the Context of Money Laundering Prevention

Abstract

Despite being commonly recognized and fundamental, right to privacy is limited in cases of justifiable need and public interests. Then again, prevention and combatting of money laundering is a set of rules developed for societal safety and stability of financial networks. This paper is focused on analysis of two virtues, namely right to privacy and anti-money laundering procedures in respect to their collision points. By complying with AML requirements, obliged subjects inevitably process certain extent of personal data, irrelevant whether a consent or even an awareness of data subject is present. The research is helpful to build knowledge on legal bases under GDPR to process these data and legal conditions for justifiable interference into right to privacy of individuals involved in ML in any role.