The vote ratifying the deal followed weeks of negotiations between Washington and the European Union to improve privacy safeguards after lawmakers vetoed the previous version in February on concerns over data security.
The EU has won assurances from the United States that any requests for information will be vetted by the EU's police agency Europol, and other EU representatives will monitor how the data is used during counter-terrorism investigations.
"(The agreement) contains the key protections we would expect to see in an international data-sharing deal," said Claude Moraes, a British member of the European Parliament from the Socalist grouping.
The five-year agreement will go into effect in August, giving investigators access to information collected by the Society for Worldwide Interbank Financial Telecommunication (SWIFT), which records most money transfers in the world.
US investigators have tracked cash linked to suspected terrorists since the Sept 11 attacks on the United States, but their access to the data has fanned controversy in Europe because of concerns over privacy.
Investigators typically request access to chunks of SWIFT records in order to follow the trail of fundamental pieces of information such as names, account numbers and addresses.
But they lost access to the data when SWIFT moved some of its servers from the United States to Europe over the last year, necessitating a data-sharing deal with the EU.
Under the new agreement, EU citizens will be able to complain in US courts or government agencies if they suspect their data is incorrect or wrongly used.
