Finance Minister Heinen still wants to give banks the ability to share customer data among themselves. The purpose of this measure is to combat money laundering. This is stated in the recently presented memorandum Vision of the Financial Sector 2025.
Transaction Monitoring Netherlands (TMNL) exchanges data from SMEs that turn over up to 250 million euros a year. However, the government and banks also want to share data on all transactions of all Dutch citizens from €100 and up. According to the Personal Data Authority, this intention leads to unprecedented mass surveillance. The European Parliament has expressed its opposition to the Dutch banking plan.
Heinen said, however, that money laundering controls have stalled. Banks have hired a lot of staff to fight this type of fraud. "A new balancing of interests is needed to get out of the current impasse," states the minister. Consequently, he still wants to give banks more room to exchange data with each other.
"This data sharing must of course comply with the right to privacy, which is a fundamental right. It involves sensitive, personal data, for which, of course, clear safeguards remain necessary. I want to work with the Lower House to find this new balance between these (sometimes conflicting) interests," the minister said.
Click here for the paper Vision of the Financial Sector 2025.
