IMPLEMENTATION LEVEL

National

AFFECTED FLOW

Inflow

ANNOUNCED AS TEMPORARY

No

NON-TRADE-RELATED RATIONALE

No

ELIGIBLE FIRMS

all

JUMBO

No

TARIFF PEAK

No
← back to the state act
Inception date: 01 May 2011 | Removal date: open ended
Still in force

Local operations

On 21 January 2011, the People's Bank of China issued the Notice on Financial Institutions' Protection over Personal Financial Information. (Yin Fa 2011 No.17) This measure was nominally set up to protect such personal information from being infringed and abused for illegal purposes.
 
In relevant parts, paragraph 6 of this Notice stipulates that personal financial information collected in China shall be stored, processed and analyzed in China. No financial institution is allowed to transfer the personal financial information outside China unless otherwise specified in other laws and regulations.

This effectively forces foreign companies to invest in local processing centres if they want to continue their operations in the Chinese personal banking industry.

AFFECTED COUNTRIES

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