CAMS · Question #716
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. In the European Union (EU), data protection laws (GDPR) and AML regulations (AMLDs) must be balanced when sharing customer data. Option D (Correct): Data sharing must be "necessary, reasonable, and proportionate," following AML regulations and data protection requirements.
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 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
(56 responses)- A11% (6)
- B2% (1)
- C5% (3)
- D82% (46)
Explanation
In the European Union (EU), data protection laws (GDPR) and AML regulations (AMLDs) must be balanced when sharing customer data. Option D (Correct): Data sharing must be "necessary, reasonable, and proportionate," following AML regulations and data protection requirements.
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