Post by jannikki on Aug 14, 2006 17:42:10 GMT -4
Canada's privacy watchdog launches SWIFT probe
TORONTO, Aug 14 (Reuters) - Canada's privacy watchdog is investigating whether a European co-operative that provides messaging services and software to thousands of financial institutions around the world is improperly disclosing Canadians' personal information to foreign authorities.
Privacy Commissioner Jennifer Stoddart has notified the Society for Worldwide Interbank Financial Telecommunication, or SWIFT, of its plans for an investigation, the government said in a statement on Monday.
SWIFT is chaired by Yawar Shah, executive vice-president, global operations, worldwide securities services at JP Morgan Chase Bank (JPM.N: Quote, Profile, Research). It counts executives from some of the world's largest banks on its board of directors.
The co-operative supplies messaging services and interface software to 7,800 financial institutions in more than 200 countries.
Aside from SWIFT, the commissioner's office has also received complaints against a number of "Canadian financial institutions" and is investigating their involvement. It did not name the institutions it plans to scrutinize.
"The SWIFT situation concerns privacy commissioners world-wide and is something we need to examine in more detail," Stoddart said in a statement. "Although there are times when we are unable to lawfully investigate a complaint about something taking place outside Canada with Canadians' personal information, we have determined that we are, in fact, in a position to investigate this important matter."
Stoddart's office will look at whether any contraventions of the Personal Information Protection and Electronic Documents Act took place and "whether personal information relating to Canadians' financial transactions is being improperly disclosed by SWIFT to foreign authorities."
After the Sept. 11, 2001, suicide attacks on the United States, the U.S. Treasury began examining selected records from SWIFT for evidence of potential terrorism-related activity.
© Reuters 2006. All Rights Reserved.
yahoo.reuters.com/news/articlehybrid.aspx?storyID=urn:newsml:reuters.com:20060814:MTFH47080_2006-08-14_19-04-09_N14307874&type=comktNews&rpc=44
TORONTO, Aug 14 (Reuters) - Canada's privacy watchdog is investigating whether a European co-operative that provides messaging services and software to thousands of financial institutions around the world is improperly disclosing Canadians' personal information to foreign authorities.
Privacy Commissioner Jennifer Stoddart has notified the Society for Worldwide Interbank Financial Telecommunication, or SWIFT, of its plans for an investigation, the government said in a statement on Monday.
SWIFT is chaired by Yawar Shah, executive vice-president, global operations, worldwide securities services at JP Morgan Chase Bank (JPM.N: Quote, Profile, Research). It counts executives from some of the world's largest banks on its board of directors.
The co-operative supplies messaging services and interface software to 7,800 financial institutions in more than 200 countries.
Aside from SWIFT, the commissioner's office has also received complaints against a number of "Canadian financial institutions" and is investigating their involvement. It did not name the institutions it plans to scrutinize.
"The SWIFT situation concerns privacy commissioners world-wide and is something we need to examine in more detail," Stoddart said in a statement. "Although there are times when we are unable to lawfully investigate a complaint about something taking place outside Canada with Canadians' personal information, we have determined that we are, in fact, in a position to investigate this important matter."
Stoddart's office will look at whether any contraventions of the Personal Information Protection and Electronic Documents Act took place and "whether personal information relating to Canadians' financial transactions is being improperly disclosed by SWIFT to foreign authorities."
After the Sept. 11, 2001, suicide attacks on the United States, the U.S. Treasury began examining selected records from SWIFT for evidence of potential terrorism-related activity.
© Reuters 2006. All Rights Reserved.
yahoo.reuters.com/news/articlehybrid.aspx?storyID=urn:newsml:reuters.com:20060814:MTFH47080_2006-08-14_19-04-09_N14307874&type=comktNews&rpc=44