ECJ has held the Spanish authorities were entitled to request information they considered relevant to the prevention of money laundering and terrorist finance from a bank that had no establishment in Spain. Jyske Bank, operating from Gibraltar under a services passport, refused to give the Spanish authorities certain know your customer and other information the authorities requested, saying that to do so would breach Gibraltar banking secrecy and it had duties to disclose information only to the Gibraltar authorities. The Spanish regulators cited Spanish law, which requires all credit institutions operating there to inform them of certain transfers, including the transfers in question. ECJ held that in principle such a law would be a restriction of the freedom to provide services, but that in this case it was proportionate for Spain to impose its law. It said the requirement was proportionate as it had the aim of preventing money laundering and terrorist finance and there were shortcomings in cooperation between national Financial Intelligence Units. (Source: ECJ Allows Proportionate Derogation from MLD)