A proposed US law, known as the Grassley bill, if passed, will put foreign banks in direct conflict with the EU’s General Data Protection Regulation (GDPR).
The bill will give US authorities the power to subpoena foreign banks that maintain correspondent accounts in the US to access records, including information stored outside of the US. Foreign banks will have to comply with the subpoenas within 10 days or face being cut off from their US correspondent banks.
FRA’s David Werbel was quoted in GIR saying “financial institutions currently developing GDPR compliance should keep an eye on the passage of the Grassley bill”.
David Werbel, Director