On 14 October 2014, the Hong Kong Monetary Authority (HKMA) issued a new circular, Customer Data Protection, which sets out the new requirements relating to the handling of customer data. In particular, it outlines clear requirements around the transmission of customer data via internet services and corporate emails. Additionally, it references the new control standards issued by the Hong Kong Association of Banks (HKAB) regarding the use of staff-owned smartphones. We provide a summary about the new requirements as well as the new practices that come in place with the introduction of the new requirements.
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