ANNOUNCED AS TEMPORARYNo
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.
⚑ Please report this page in case you detect an inaccuracy in its content.