Fergie's Tech Blog

SWIFT Will Stop Some U.S. Processing in 2009

Via OUT-LAW.com.

SWIFT has been heavily criticised for allowing US authorities access to records of banking transactions involving European citizens. It was revealed by The New York Times last year that US intelligence agencies were allowed to view Europeans' transactions.

SWIFT argued that it was obliged to comply with US orders because it carried out hosting and processing of information in the US. European data protection officials have condemned the release of the information. European, Swiss and Belgian data protection authorities all ruled that SWIFT had broken data protection laws in supplying the information without informing bank customers of the US surveillance.

Europe's advisory committee of privacy watchdogs the Article 29 Working Party has revealed that SWIFT is being reorganised to lessen the risk of surveillance, but not until 2009.

posted by Fergie @ 10/15/2007 11:10:00 AM