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Japan: BoJ releases report on legal issues concerning use of customer information in financial services
The Bank of Japan ('BoJ') released, on 10 July 2020, a report on legal issues related to the use of customer information in financial services ('the Report'), produced by the BoJ Financial Research Institute. In particular, the Report considers customer's financial information in relation to third-party transfers, confidentiality of personal information, and the application of the Act on the Protection of Personal Information (Act No. 57 of 2003 as amended in 2016) ('APPI'). Specifically, the Report examines existing report management regulations under the Banking Act (Act No. 59 of 1 June 1981), including measures regarding the security of personal information and procedures for employees handling personal information. Furthermore, the Report discusses financial codes of conduct and financial guidelines' interaction with the APPI including consent and notification requirements to customers when transferring personal data to third parties.
You can read the press release here and the Report here, both only available in Japanese.
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