#Newspaper
Bank of China client information "extradited to China", data on the opening of accounts and loans sent to Guangxi subsidiary for processing approved by Hong Kong Monetary Authority
(12 Jun, updated 0:30, 13 Junto add response from Office of the Privacy Commissioner for Personal Data)
Stand News has learned that the Bank of China (Hong Kong) [BOCHK] intends to allocate a portion of its data processing and auditing work to its wholly-owned subsidiary in Nanning, Guangxi. This has been approved by the Hong Kong Monetary Authority [HKMA]. However, whether its clients are aware that documents containing their personal information, including assets and loans, are to be "extradited to China" remains questionable. The BOCHK responded that they strictly adhered to the relevant laws and regulations in Hong Kong to ensure the proper handling of client information. The Office of the Privacy Commissioner for Personal Data [PCPD] stated that organisations that transfer information should inform their clients.
//This implies the "extradition" of personal and asset information from much of its clientele in Hong Kong.
//The BOCHK did not answer Stand New's inquiry on whether it will notify its clients of the new arrangements.
//the BOCHK is not outsourcing to a third-party business in this case, but to its wholly-owned subsidiary.
//process and store personal client information both within and outside of Hong Kong's borders. At the same time, the bank may transfer client information to regions outside of Hong Kong's jurisdiction and conduct any matching procedures*.
Full translation:
https://telegra.ph/Bank-of-China-client-information-extradited-to-China-data-on-the-opening-of-accounts-and-loans-sent-to-Guangxi-subsidiary-for-pr-07-05
Source: Stand News
#Extradition #BOCHK #ClientInformation #Privacy #Finance
Bank of China client information "extradited to China", data on the opening of accounts and loans sent to Guangxi subsidiary for processing approved by Hong Kong Monetary Authority
(12 Jun, updated 0:30, 13 Junto add response from Office of the Privacy Commissioner for Personal Data)
Stand News has learned that the Bank of China (Hong Kong) [BOCHK] intends to allocate a portion of its data processing and auditing work to its wholly-owned subsidiary in Nanning, Guangxi. This has been approved by the Hong Kong Monetary Authority [HKMA]. However, whether its clients are aware that documents containing their personal information, including assets and loans, are to be "extradited to China" remains questionable. The BOCHK responded that they strictly adhered to the relevant laws and regulations in Hong Kong to ensure the proper handling of client information. The Office of the Privacy Commissioner for Personal Data [PCPD] stated that organisations that transfer information should inform their clients.
//This implies the "extradition" of personal and asset information from much of its clientele in Hong Kong.
//The BOCHK did not answer Stand New's inquiry on whether it will notify its clients of the new arrangements.
//the BOCHK is not outsourcing to a third-party business in this case, but to its wholly-owned subsidiary.
//process and store personal client information both within and outside of Hong Kong's borders. At the same time, the bank may transfer client information to regions outside of Hong Kong's jurisdiction and conduct any matching procedures*.
Full translation:
https://telegra.ph/Bank-of-China-client-information-extradited-to-China-data-on-the-opening-of-accounts-and-loans-sent-to-Guangxi-subsidiary-for-pr-07-05
Source: Stand News
#Extradition #BOCHK #ClientInformation #Privacy #Finance
Telegraph
Bank of China client information "extradited to China", data on the opening of accounts and loans sent to Guangxi subsidiary for…
(12 Jun, updated 0:30, 13 Junto add response from Office of the Privacy Commissioner for Personal Data) Stand News has learned that the Bank of China (Hong Kong) [BOCHK] intends to allocate a portion of its data processing and auditing work to its wholly…