EDPB and AMLA to develop Joint Guidelines on partnerships for information sharing
The European Data Protection Board and the newly established Anti-Money Laundering Authority have announced a joint effort to develop guidelines on how financial institutions can share customer information to fight money laundering and terrorist financing without violating data protection rules. The collaboration stems from an explicit provision in the EU's AML Regulation allowing such information exchanges.
Why this matters: Banks and financial firms already collect enormous amounts of personal data. Now there is a formal EU push to make it easier for them to share that data with each other, all in the name of fighting financial crime. That is a legitimate goal. But bulk information sharing between institutions is exactly the kind of arrangement that can quietly erode financial privacy for ordinary people who are not suspected of anything. The joint guidelines will determine how much protection actually survives in practice. Watch what the rules say about consent, purpose limits, and who can be swept in.
Who should care: Lawyers · Privacy officers · AI governance · Compliance · General readers · Policy
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