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Personal financial data: Regulatory framework of their e-processing focusing on the function of interbanking informatio

Personal financial data: Regulatory framework of their e-processing focusing on the function of interbanking information systems in Greece and France. Milossi Maria Attorney -at - Law, DESS, PhD candidate in Computer Law, Department of Applied Informatics, University of Macedonia &

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Personal financial data: Regulatory framework of their e-processing focusing on the function of interbanking informatio

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  1. Personal financial data: Regulatory framework of their e-processing focusing on the function of interbanking information systems in Greece and France Milossi Maria Attorney -at - Law, DESS, PhD candidate in Computer Law, Department of Applied Informatics, University of Macedonia & Dr Alexandropoulou –Egyptiadou Evgenia Associate Professor in Computer Law, Department of Applied Informatics, University of Macedonia

  2. Personal financial data Meaning Data which refers to the individual’s economic situation. It concerns his/her property, bank accounts, financial transactions, etc.

  3. Personal financial data Content • electronic money • buy and sell goods and services via internet • participation in auction sites (e-commerce) • use of web banking services (e-banking) • flight reservation (e-transport) • concert ticket reservation (e-entertainment) • digital submitting of tax statement (e-government)

  4. Personal financial data Privacy and processing of personal financial data • Protection as simple and not as ‘’sensitive’’ data (Directive 95/46/EC, art. 8) • Dangers for individual’s privacy(e.g. cookies) • Use of mathematical methods (Credit scoring, Data Warehouse, Data mining) • Spamming

  5. Personal financial data Fields of processing of personal financial data • E-commerce (web banking, electronic auctions, distance marketing of financial services) • E-government (on line submission of tax declaration, online application for the pension and insurance matters)

  6. Personal financial data Regulatory framework of processing in banking sector (Greece & France) • Directive 95/46/EC • Greek Law 2472/1997 • French Law 2004-801 (amendment of law 78-17)

  7. Personal financial data Data Protection Authorities • Greece: Data Protection Authority (DPA): www.dpa.gr • France: National Commission for Informatics and Liberties (CNIL): www.cnil.fr

  8. Personal financial data Interbanking information system (Greece) • Controller: TIRESIAS (www.tiresias.gr) • Aim: • protection of credit • reduction of credit risk • improvement of financial transactions • benefits for individuals and banking system in general

  9. Personal financial data Filing Systems • Default Financial Obligation System (DFO) & Mortgages and Prenotations to Mortgages System (MPS) • Credit Consolidation System (CCS) • Lost or stolen Identity Card and Passport System (IPS) • Terminated Merchants System (TMS)

  10. Personal financial data Interbanking information system (France) • Controller: The Bank of France (www.banque-france.fr) • Aim: • evaluate the trustworthiness of banks’ clients • provide information on the regularity of cheques and protect potential victims of bad cheques • protect banks’ clients from personal debt problems

  11. Personal financial data Filing systems 1.Central Cheque Register (FCC) 2.National Register of Irregular Cheques (FNCI) 3.National Database on Household Credit Repayment Incidents (FICP) 4. National hotline for lost or stolen cheques (CNACPV)

  12. Personal financial data Operational principles (Greece & France) • principle of scope • principle of proportionality • principle of accuracy • principle of respect of storage time

  13. Personal financial data Storage time (Greece) Examples:

  14. Personal financial data Storage time ( France) • Examples:

  15. Personal financial data Recipients (Greece & France) • Banks • Financial institutions • Credit card companies • Public sector entities In Greek interbanking information system recipients are also considered to be factoring and leasing companies (DPA 523/199)

  16. Personal financial data Individual’s rights • right of information • right of access • right to object

  17. Personal financial data Conclusions and final thoughts • Need for : • Balance between technology development and individual’s private life • Enactment of special and detailed guidelines coming from National Data Protection Authorities (soft law) • Enactment of a law concerning moral persons, given that the companies consist the majority of banks’ customers

  18. Personal financial data Thank you for your attention! Milossi Maria mariamilossi@yahoo.gr & Alexandropoulou –Egyptiadou Evgenia ealex@uom.gr

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