The agreement assigns Europol the role of verifying that data requested by the US is needed for tracking terrorism. It also gives Europeans the right to block transfers of their personal data. The deal needs the consent of Parliament, which rejected an earlier agreement out of concern it could violate people’s privacy.

The US is seeking EU consent for access to European data from the Society for Worldwide Interbank Financial Telecommunication, a messaging network headquartered in Belgium that is used by banks and financial institutions worldwide. The SWIFT database records millions of international bank transfers every day.

EU lawmakers have voiced concerns that sharing data on bank transfers could violate privacy. Earlier this year, Parliament rejected a deal that EU leaders had reached with the US before the Lisbon treaty entered into force last year, giving the Parliament a greater say in such decisions.

The US says it wants the information stored in the database for tracking suspected terrorists through their finances.