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EU Privacy Regulator May Slap Amazon Over $425M Fine For Alleged GDPR Violation: WSJ

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EU Privacy Regulator May Slap Amazon Over $425M Fine For Alleged GDPR Violation: WSJ
  • Luxembourg’s data-protection commission, the CNPD, has proposed a penalty of over $425 million against Amazon.com Inc (NASDAQ: AMZN) in a draft decision for alleged violations of Europe’s General Data Protection Regulation (GDPR) linked to Amazon’s collection and use of individuals’ personal data, the Wall Street Journal reported.
  • The penalty is not related to its cloud-computing business, Amazon Web Services. The fine represents 2% of Amazon’s reported net income of $21.3 billion for 2020 and 0.1% of its $386 billion in sales.
  • Regulators can fine up to 4% of a company’s annual revenue for certain violations under the GDPR.
  • The EU privacy regulator has received a few objections, including a higher penalty. Luxembourg can either resolve complaints harmoniously or discard them and prompt a debate and vote among every EU privacy regulator at the European Data Protection Board.
  • Price action: AMZN shares traded higher by 1.38% at $3,326.18 on the last check Thursday.
 

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