Despite being an global economic super-power, China does not have a comprehensive national law protecting the privacy of personal data. However, in response to growing consumer awareness and business needs, industry specific authorities in China are stepping up their efforts to develop personal data protection regimes dealing with issues arising from sector-specific operations.
In the banking sector, the People’s Bank of China issued a 'Notice to Urge Banking Financial Institutions to Protect Personal Financial Information' at the beginning of this year. Banking financial institutions in China are required to observe these rules when collecting, processing and storing personal financial information during the course of their business. The Notice, among other things, prohibits Banks from storing, processing or analysing outside China any PFI which has been collected in China, or providing PFI collected in China to an offshore entity. This requirement will impact on a bank’s operations, including offshore outsourcing practices.
This briefing sets out the key requirements of the Notice and outlines what banks will need to consider in order to ensure compliance. Click 'View Briefing' to learn more.