FDPIC – Dis­clo­sure of inter­na­tio­nal payment traf­fic data to for­eign govern­ments for the pur­po­se of enfor­cing sanc­tions regulations

In the con­text of their inter­na­tio­nal busi­ness acti­vi­ties, Swiss cre­dit insti­tu­ti­ons may be requi­red to pro­ve to for­eign sta­tes (in par­ti­cu­lar the USA) that they com­ply with their sanc­tions pro­vi­si­ons. Other­wi­se, their busi­ness access to the sta­te may be impe­ded under cer­tain cir­cum­stances. In this con­text, a Swiss cre­dit insti­tu­ti­on con­side­red vol­un­t­a­ri­ly trans­mit­ting trans­fer data to the U.S. in the con­text of inter­na­tio­nal payment tran­sac­tions in which it acted as a trans­fer bank. After cla­ri­fy­ing the facts and the legal situa­ti­on, we came to the con­clu­si­on that only a vol­un­t­a­ry trans­mis­si­on of anony­mi­zed trans­fer data is per­mis­si­ble to pro­ve com­pli­ance with sanc­tion conditions.

Source: FDPIC – Dis­clo­sure of inter­na­tio­nal payment traf­fic data to for­eign govern­ments for the pur­po­se of enfor­cing sanc­tions regulations

Aut­ho­ri­ty

Area

Topics

Rela­ted articles

Sub­scri­be