The Society for Worldwide Interbank Financial Telecommunication (Swift) should cease violating data-protection laws or face sanctions, a panel of E.U. officials says. Swift, a cooperative owned by about 8,000 financial institutions, runs a messaging service that enables worldwide financial transactions between banks. Swift responded to court orders to hand over messaging information to the U.S. Treasury Department to track financial transactions by suspected terrorists. A spokesman for Swift says the company did not violate EU and Belgian data-privacy laws.”]
Source: https://www.csoonline.com/article/2120831/e-u–to-telecom–stop-giving-banking-data-to-u-s-.html