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BREAKING NEWS

SWIFT urges EU and U.S. to coordinate data privacy rules

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SWIFT urges EU and U.S. to coordinate data privacy rules

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Regulators are expected to find that the international banking network SWIFT broke
EU data privacy rules. SWIFT gave the United States access to records of millions of private transactions. The Brussels-based company has confirmed it anticipates that national data protection regulators from the 25 EU member states, will conclude next week that it broke EU rules. Society for Worldwide Interbank Financial Telecommunications officials have repeated calls for the European Union and the U.S. to elaborate common rules on data privacy, to allow authorities to conduct terrorism related investigations efficienty. Transatlantic negotiations are already under way to refine a security pact under which airlines provide the Americans with data on passengers aboard U.S.-bound flights from the EU.
SWIFT has been at the centre of a controversy since U.S. media revealed it had allowed the Treasury Department to tap into its records to search for evidence of terrorism-related
activities without informing European authorities.