Credit
When you submit a request for approval of the use of credit, you need to fill out a form in the form of a form. When filling out the form, for various reasons (mostly due to ignorance or due to the need for loan approval), the type and volume of personal data that banks or other financial institutions require for loan approval are not taken into account.
By filling out various forms every day, you reveal your privacy. Personal data is the key to every person’s privacy.
What personal data should the citizen provide in order to approve the loan?
The credit approval form must state whether the answers to the questions are mandatory or voluntary; the possible consequences if not answered; whether the data will be provided for use by other companies, organizations or persons; as well as whether you agree to use your personal data for direct marketing.
You should disclose only those personal data that are mandatory, and you can fill in the voluntary ones only if you want. For example, if you are asked to list a phone number (home, mobile, work…) you have to decide which phone number to list or list all of them.
When it comes to special categories of personal data, banks or other financial institutions can process them only if there is a legal basis for it or you have given your prior written consent to their processing.
If the personal data contained in credit files are processed against the law or are unprotected, they can easily violate the privacy and property of citizens.
Keeping a copy of a personal document
According to the Money Laundering Prevention Law, banks and other financial institutions have the right to keep a copy of the citizens’ personal document (identity card or travel document, but not a copy of both documents at the same time) in the following situations:
- when establishing a business relationship (for example: opening an account or savings account, receiving custody of shares, bonds or other securities, enabling the use of safes, property management or receiving payment on behalf of a third party);
- with each transaction in the amount of 15,000 euros;
- for related transactions in the amount of 15,000 euros on the day of the transaction and
- whenever there are grounds to suspect money laundering.
Personal data is kept for 10 years after the transaction.
Identification of the subject of personal data during changing affairs
According to the Money Laundering Prevention Law, banks, exchange offices or other financial institutions are obliged to determine the identity of the client during a transaction involving an amount greater than 2500 euros.
Personal data is kept for 10 years after the transaction.
Related content
Guide to the protection of personal data in the financial sector
