European data protection supervisor EDPS in September commented on the European plans on connecting bank account registers. In its newsletter EDPS wrote:
Connecting bank account registers
On 6 September 2021, the EDPS published his Formal Comments on the access of EU Member States’ law enforcement authorities to the platform connecting bank account registers across the European Union for the purpose of preventing, detecting, investigating or prosecuting a serious criminal offence, such as different types of fraud.
The EDPS welcomes that the data protection implications of such decision have been considered and assessed. He reiterates in his Formal Comments that the access to individuals’ financial information – such as the IBAN, name of the account holder – by law enforcement authorities should be limited to what is strictly necessary in light of specific purposes.
To facilitate the cooperation between law enforcement authorities across the EU, the EU legislator foresees the setup of an EU-wide interconnection of bank account registers. The EDPS recommends that data protection principles are embedded throughout the infrastructure’s development.