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APRA Guidance Lacks Privacy Reference

FINANCIAL PRIVACY—AUSTRALIA

September 5, 2013

The Australian Prudential Regulation Authority (APRA) has urged a “cautious and measured” approach when it comes to offshoring data, The Age reports, but stopped short of following Privacy Commissioner Timothy Pilgrim’s recommendation “to draw banks' attention to their obligations under the Privacy Act.” Following privacy concerns related to the offshoring of financial services, Pilgrim recommended APRA refer to the National Privacy Principles in its guidance, but “APRA's guidance note to banks—which is intended to identify potential problem areas—did not mention either ‘privacy’ nor ‘personal information’. Instead, it focused on potential risks to the financial system from data management,” the report states.
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