KDR_11k (778916) writes "The Belgium-based Society for Worldwide Interbank Financial Telecommunication (SWIFT, the system used for all international bank transfers) is now applying for Safe Harbor protections in the US following a dispute with the EU over handing data to US authorities (of course with subpoenas). EU data protection laws don't allow giving peronal information to other entities without the consent of the person the information is about which already caused the dispute over handing passenger data to US authorities. SWIFT hopes that with these Safe Harbor protections they will no longer be forced to give up information they aren't allowed to but Safe Harbor does not apply to banking organizations. Now it depends on whether SWIFT is a banking institution (they claim they aren't) and whether they are a data processor or controller (they claim the former, apparently data protection laws only apply to the latter).
The EU's proposed solution is that SWIFT should abandon its US data center to bring its data out of range of US officials."