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EU says SWIFT broke privacy rules

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EU says SWIFT broke privacy rules

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Did an international money transfer organisation break the rules when it revealed details of financial transactions to the United States? Financial regulators from the European Union say it did and millions of people are affected. Following the terrorist attacks on the United States in 2001, the US government issued sub poenas compelling the Brussels based company to reveal details of all cross border money transfers.

But in complying, say the EU regulators, SWIFT broke privacy rules. SWIFT is responsible for millions of financial transactions every year, from pay checks to huge international transfers. The information was used to investigate possible transfers of funds to and from terrorist organisations.