The hearing at the court of appeal in The Hague in the proceedings of Privacy First against the register for Ultimate Beneficial Owners (UBO) is scheduled for Monday, 27 September 2021. Following the very critical advice of the European Data Protection Supervisor (EDPS), the district court of The Hague confirmed on 18 March 2021 that there is every reason to doubt the validity of the European money laundering directives that form the basis for the UBO register. The judge ruled that it cannot be excluded that the highest European court, the Court of Justice of the EU (CJEU), will conclude that the public nature of the UBO register is not in line with the principle of proportionality. Since a Luxembourg…
As an NGO that promotes civil rights and privacy protection, Privacy First has been concerned with financial privacy for years. Since 2017, we have been keeping close track of the developments surrounding the second European Payment Services Directive (PSD2), pointing out the dangers to the privacy of consumers. In particular, we focus on privacy issues related to ‘account information service providers’ (AISPs) and on the dangerous possibilities offered by PSD2 to process personal data in more extensive ways. At the end of 2017, we assumed that providing more adequate information and more transparency to consumers would be sufficient to mitigate the risks associated with PSD2. However, these risks turned out to be greater and of a more fundamental nature. We…
The Dutch Ministry of Finance is about to oblige companies to export personal data on a large scale. The measure is hidden in a subordinate clause of a letter from the Minister of Finance, although it has major consequences. The measure obliges companies that trade in 'virtual assets' (such as bitcoins, real estate, but also purchases in computer games) to include personal data of customers in the transaction records and messages. The information from all parties involved needs to remain visible and available to everyone in the value chain. Consumers, companies and citizens cannot object to this mandatory addition of their personal data. The topic is not receiving the proper amount of political attention because it is presented as a…
PSD2 opt-out register Is it possible to have innovation in the field of payment data while preserving privacy? Under the new European banking law PSD2, payment data can be shared with non banking parties. The legislator has, however, failed to implement privacy by design. Therefore, the Privacy First Foundation has taken the initiative to launch a PSD2 opt-out register in the Netherlands. We are happy to report that the SIDN Fund is supporting us in this. With this opt-out register bank account numbers can be filtered. This can be useful in case bank account numbers are linked to sensitive personal data, such as a payment to a trade union, a healthcare insurer, a political party or an organization that reveals…
New European PSD2 legislation in force At the start of 2019, the Payment Service Directive 2 will enter into force in the Netherlands. Under this new European banking law, consumers can share their banking details with parties other than their own bank. This first requires their explicit consent, upon which banks must share all transactional data[1] of the consumer (account holder) with an external party (financial service provider) for a period of 90 days, after which the consumer can renew his consent. The consumer can also withdraw his consent at all times. PSD2 is a great concern to Privacy First Privacy First is very worried about PSD2. The law focuses too much on improving competition and innovation while the privacy…
During a Dutch press meeting about the new Payment Service Directive 2 (PSD2), an initiative to launch a privacy quality label for payment services was announced. This quality label should encourage financial service providers and fintech companies to focus on the privacy of consumers. Volksbank If you struggle to make ends meet, sooner or later you will get physical complaints, two Utrecht physicians wrote in Dutch newspaper AD/Utrechts Nieuwsblad of 7 March 2018. Those who want to lead a healthy life, will first have to make sure they’re in a healthy financial position. Being in control of your own finances and all related data is a part of that. De Volksbank offers a helping hand in both these areas. The new European Payment Service Directive…
A debit or credit card with an RFID chip? Not a good idea! Watch the video below:

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