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GFMA: Data localisation restricts provision of financial services

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Data localisation rules are “adversely impacting” the financial services sector, prompting the European Union to strike a balance between privacy and security and the free flow of data across borders, according to the Global Financial Market Association (GFMA). “Policymakers prescribe data localisation requirements with the intention to improve resilience of key financial services, protect privacy and increase data security. Data localisation policies…

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