Recent Regulations Aim to Protect Credit Cardholders
PRIVACY LAW—CHINAMarch 21, 2011
The Hunton & Williams Privacy and Information Security Law Blog reports on new measures passed in January by the China Banking Regulatory Commission, the first regulations aimed at protecting credit card business in China and including provisions on personal information. The regulations prevent commercial banks from disclosing or using customer information for purposes other than the credit card transaction; require commercial banks to craft guidelines on marketing efforts, including that credit card application information is kept confidential except with the applicants' consent, and ensure that documents sent as communications to credit cardholders do not contain the full credit card number. Violations of such provisions could include fines or criminal liability.