New China data law threatens KYC efforts
Local banks will need permission to export any data that could end up in the hands of foreign law enforcement bodies
A new Chinese data protection law that will come into effect in September threatens to make it harder for the offshore know-your-customer (KYC) functions of global banks to meet risk management and regulatory obligations.
While personal data laws are not new to China – and have been gradually tightened in recent years – the new requirements add a fresh twist by preventing domestic organisations and individuals from providing data stored onshore “to foreign justice or law enforcement bodies
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