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Last fall, the Rutte administration announced its intention to have banking transactions of individuals as little as 100 euros monitored in the fight against money laundering and other forms of crime. Meanwhile, the intention for "mass surveillance" has come under strong criticism.
The idea is that there will be a database for transactions over 100 euros, in which banks will be able to compare the data of each other's customers side by side and track unusual transaction patterns.
Privacy regulator Authority Personal Data is not enamored with the idea of micro-tracking private bank transactions. "This law leads to an unlawful violation of people's fundamental right," chairman Aleid Wolfsen indicated to RTL Nieuws last week. "It is quite extraordinary that we come up with this harsh criticism."
Finance Minister Sigrid Kaas, however, in an interview with RTL Nieuws on Tuesday, insisted on the plans. She did say she takes the concerns seriously, but she also called for "nuance."
ING lowers daily limit for private (read: individuals, not businesses) transfers to €2,000