Data Protection to Achieve Cyber Resilience in the Financial Sector as a Measure to Mitigate Money Laundering Risk

DOI

10.2991/978-2-38476-519-5_3How to use a DOI?

Keywords

Cyber Resilience; Data; Financial Sector; Money Laundering; Protection

Abstract

The state has not yet established a clear and firm legal framework to define and limit the meaning of’state administration interests’ in accessing and processing personal data by the financial services sector, thus potentially violating human rights. This study aims to guarante personal data protection in the financial sector to create a balance between digital innovation, cybersecurity, and justice in law enforcement, especially in preventing and combating money laundering crimes. This research is doctrinal legal research using a statute approach to analyze the problem of disharmony in personal data protection regulations in the financial sector. The research shows, first, that there are problems with legal substance related to the lack of regulation of the parameters of “state administration interests” in state technical regulations or financial sectoral regulations and the disharmony of personal data protection regulations in the Personal Data Protection Law and financial services sectoral rules as an effort to launder money. Second, the author explicitly recommends four points of personal data protection guarantees in the financial sector as an effort to mitigate money laundering, including the parameter of ‘state administration interests’, the application of the principle of ‘necessity and proportionality’ for non-consent processing, the regulation of data subject rights in financial services regulations, and a comparison of anti-money laundering settlements with the General Data Protection Regulation.

Copyright

© 2025 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - David Prasetyo
AU  - Supanto Supanto
AU  - Dona Budi Kharisma
PY  - 2025
DA  - 2025/12/29
TI  - Data Protection to Achieve Cyber Resilience in the Financial Sector as a Measure to Mitigate Money Laundering Risk
BT  - Proceedings of the 3rd International Conference on Law, Economics & good Governance (ICLAW 2025)
PB  - Atlantis Press
SP  - 21
EP  - 31
SN  - 2352-5398
UR  - https://doi.org/10.2991/978-2-38476-519-5_3
DO  - 10.2991/978-2-38476-519-5_3
ID  - Prasetyo2025
ER  -