ANZ Dashboard Digest

Authority Issues Guide on Offshoring, Banks Keep Quiet on Sharing

FINANCIAL PRIVACY—AUSTRALIA & NEW ZEALAND

December 13, 2012

The Australian Prudential Regulation Authority has identified offshoring as a key weakness in banks’ data management policies, The Age reports. Offshoring sensitive data increases the risk of it being mismanaged, the authority says in a newly published draft guide. The national secretary of the Finance Sector Union said regulations should be created to require consumer consent for data to be transferred overseas. Meanwhile, New Zealand banks have denied a request to provide information about how often they give customer information to police. The New Zealand Herald reports that a legal loophole allows police to obtain banking information under a provision of the Privacy Act waiving confidentiality to aid “maintenance of the law.”
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