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The SWIFT agreement

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    #2
    Sand
    Registered Users Posts: 12,588 ✭✭✭✭Sand


    am I over-reacting?

    Yes, probably.

    It looks like the deal is a condition for SWIFT moving its Euro Zone information from a US database ( I.E. they already have the data) to an EU database. The information moves, but under the terms of the deal the US retains access. Seems reasonable.

    Ironically, SWIFT is advertising the transfer to the EU as being beneficial to its EU customers by reassuring them on data protection issues given transfers between european countries will remain on european systems. US will retain access, but only via applications to member state authorities. Its not acess all areas pass.


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    #3
    Thoie
    Registered Users Posts: 6,344 ✭✭✭Thoie


    Sand wrote: »
    Yes, probably.

    It looks like the deal is a condition for SWIFT moving its Euro Zone information from a US database ( I.E. they already have the data) to an EU database. The information moves, but under the terms of the deal the US retains access. Seems reasonable.

    Ironically, SWIFT is advertising the transfer to the EU as being beneficial to its EU customers by reassuring them on data protection issues given transfers between european countries will remain on european systems. US will retain access, but only via applications to member state authorities. Its not acess all areas pass.

    I was under the impression that SWIFT is transferring its servers out of the EU and into Switzerland, and that the US pushed this agreement to allow it to gain unconditional access via the EU agreement, as the Swiss are notorious for keeping schtum about such things. I'll read it again before littering my statements with nasty comments.


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    #4
    MikeC101
    Registered Users Posts: 1,707 ✭✭✭MikeC101


    Thoie wrote: »
    From now on I'm going to put "Terrorism" or "Al Qaeda" in the notes section of all my online bank transfers. I'm really very annoyed by this "temporary" agreement - am I over-reacting?

    If you do this, and the currency is US dollars, your transfer will be frozen automatically and put in a holding account, until your bank can investigate and prove to the OFAC department in their US correspondent bank that the transfer is legit.

    Usually it's a simple enough check of date of birth (transfers like this generally get stopped because a name is similar to one on the OFAC list) and the funds are released - but something like you've proposed putting in a field wouldn't be so easily solved - and could lead to a delayed payment, fees, time wasted on your behalf.

    It works much the same with Euro and Sterling transfers, so I'd advise against doing that :D

    Edit: The links aren't loading for me for some reason, so I can't comment on the article - however the new centre in Switzerland is going to handle data that was previously shared with the US centre, so I think it's just an agreement that the US will continue to have access to the information (which they've already had) when it moves geographical location.


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    #5
    Thoie
    Registered Users Posts: 6,344 ✭✭✭Thoie


    MikeC101 wrote: »
    If you do this, and the currency is US dollars, your transfer will be frozen automatically and put in a holding account, until your bank can investigate and prove to the OFAC department in their US correspondent bank that the transfer is legit.

    To be fair I'd probably only do it on my own inter account transfers - wouldn't want other people to get in trouble. Now I've had the nasty thought of transferring pennies backwards and forwards between my own accounts.

    The links still work for me. Article would have been too strong a word - the breakingnews link is 5 lines under the heading "EU agrees to US using citizens' bank details" in the "World" section.

    Here's a short version of the agreement PDF link: http://short.ie/jqwmjx


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