Author: Sumit Indwar

Hong Kong SAR - HKMA’s new guidance on banks sharing customer data with third parties

The HKMA has issued new guidance on the approaches banks should take when sharing customers’ personal data with third parties, which includes banks’ group companies. The new guidance applies from 1 January 2022 and there are only a limited set of circumstances which are exempt from the scope of the guidance, so banks will need to assess whether their practices in this area are compliant as soon as possible.