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As if financial institutions did not have enough compliance worries, a new international standard - Basel II - now looms on the compliance horizon. Unlike other laws and standards affecting financial institutions in the US and overseas such as the Gramm-Leach-Bliley Act ("GLBA"), the EU Data Protection Directive and the PCI Data Security Standard, however, the ramifications of this law extend beyond protection of electronic consumer data. Instead, Basel II focuses on the institution's core functions of evaluating, planning for, and disclosing financial risk.
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