PBOC publishes new data protection guidelines for financial institutions

On 13 February 2020, the People’s Bank of China issued its new Personal Financial Information Protection Technical Specification (the “PFI Specification”) which took immediate effect. Although the PFI Specification constitutes a recommended industry standard and does not have the force of law, it sets out operational best practice on the protection of personal financial information for institutions in the financial industry. In addition, the PFI Specification is likely to serve as reference for regulators when conducting security audits and assessments of financial institutions.

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