CAMS · Question #697
A bank in the Netherlands has been requested to share information about a series of transactions and related customers with a bank in Italy. Both banks are subject to European Union jurisdiction…
The correct answer is D. The Dutch bank should limit any information sharing to what is necessary, reasonable, and. Banks within the EU must comply with AML laws and data privacy regulations before sharing Option D (Correct): Information sharing should be limited to what is necessary and proportionate, following GDPR and AMLD regulations.
Question
A bank in the Netherlands has been requested to share information about a series of transactions and related customers with a bank in Italy. Both banks are subject to European Union jurisdiction. Which factor is the most important to consider before the Dutch bank shares the requested information with the Italian bank?
Options
- AThe Dutch bank's legal obligations to protect customer privacy and bank secrecy prohibit it from
- BThe Dutch bank should require a production order from the Italian bank and receive approval from
- CThe need to fight financial crime outweighs the EU's data protection and privacy regulations.
- DThe Dutch bank should limit any information sharing to what is necessary, reasonable, and
How the community answered
(51 responses)- A12% (6)
- B2% (1)
- C8% (4)
- D78% (40)
Explanation
Banks within the EU must comply with AML laws and data privacy regulations before sharing Option D (Correct): Information sharing should be limited to what is necessary and proportionate, following GDPR and AMLD regulations.
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