In the mid-August, the Commissioner for Information of Public Importance and Personal Data Protection initiated the oversight of compliance with the Law on Personal Data Protection in all commercial banks operating in the Republic of Serbia (29), requesting them to state whether they collect their clients' personal data for the purpose of cooperation with tax authorities of the USA in implementation of their FACTA and particularly whether they transfer the collected data out of the Republic of Serbia for that purpose.

On the basis of received replies, it has been found that 14 banks process personal data for this purpose, but this "cooperation" in all cases includes only determining whether a client is a USA taxpayer, without transferring personal data out of the Republic of Serbia.

The Commissioner will send a warning to all these banks that in the absence of a signed and ratified FACTA agreement, there is no valid legal basis or purpose for such data processing and particularly that transborder transfer of personal data would constitute a serious, punishable offence under Article 57 of the Law on Personal Data Protection.