MANAMA: Bahraini banks must be prepared for the General Data Protection Regulation (GDPR) that the European Union enforced last month, according to a legal counsel.
“Non-compliant banks may face fines of up to four per cent of annual global turnover for breaching the GDPR or 20 million euros ($25m), whichever the greater, and loss of credibility and contracts in the EU,” said senior legal affairs director at BBK Dr AbdelGadir Warsama Ghalib, during a seminar organised by the Bahrain Association of Banks (BAB) at the headquarters of Al Baraka Banking Group .