Commissioner Says Two Banks Violated Privacy Regs
PRIVACY LAW—HONG KONGDecember 16, 2011
Hong Kong Commissioner for Personal Data Allan Chiang Yam-wang said that, following investigations in two separate incidents, banks were in violation of privacy regulations, The Standard reports. In response, Hang Seng Bank has changed its bankruptcy data retention policy from 99 years to eight years. Chiang said that banks do not have "the right to retain the personal data for an extensive period of time without due justifications." Meanwhile, Chiang also found that CITIC Bank violated privacy regulations when it transferred the personal data of more than 150,000 of its customers to three insurance companies for marketing purposes over a four year period. The bank has since altered its marketing practices. Chiang said that banks should exercise "a more proactive customer-centric and privacy-friendly approach" in their marketing strategies.