EU Probes Bank Industry as Firms Gird for Data-Sharing Law
- Authorities inspect Dutch and Polish banking associations
- New law in January will force banks to share client data
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As the European Union prepares to usher in sweeping new data-sharing rules for finance, antitrust authorities are probing whether the banking industry is preventing rival services from accessing customers’ accounts.
EU officials carried out unannounced inspections on Oct. 3 in “a few” countries amid suspicions that “companies involved and/or banking associations representing them” may have thwarted non-bank services, the European Commission said on Friday. The Dutch Banking Association, the Dutch Payments Association and the Polish Banking Association confirmed that inspectors sought information from their organizations.