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17 April 2020
The National Financial Standardisation Technical Commission recently issued the Personal Financial Information Protection Technical Specification to regulate the secure management of personal financial information.(1)
According to the specification, 'personal financial information' includes:
Based on the damaging effects of unauthorised access to or the modification of such information, the specification classifies personal financial information into three levels: C3 (the highest), C2 and C1 (the lowest). Institutions without the corresponding financial qualification are not authorised to collect C2 and C3 personal financial information.
C3-level personal financial information is user authentication information, including bank account and network payment transactional passwords. C2-level personal financial information is personal financial information which can identify the personal financial information of a data subject, including information on their financial status and key information used in financial products and services (eg, account details, personal property information and transaction information).
For further information on this topic please contact Samuel Yang or Yang Chen at AnJie Law Firm by telephone (+86 10 8567 5988) or email (firstname.lastname@example.org or email@example.com). The AnJie Law Firm website can be accessed at www.anjielaw.com.
(1) Further details are available here.
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