With Microsoft, you are the owner of your customer data. We use your customer data only to provide the services we have agreed upon, and for purposes that are compatible with providing those services...
Updated Dec 03, 2021
Version 3.0
Blog Post
So basically, Woodgrove Bank (the fictitious customer) is the tenant and owns the data in O365. There is no fine print, from what I can tell, there is no "gotcha", that I have seen, it is just pretty straightforward.
Am I over simplifying this, ScottSchnoll?
Thanks for the post, I'll be sharing this with my network.