It Is Limited for Financial Corporate Affiliates to Share Their Customers’ Information

2014-05-26 Ju-hui Seong

Financial Supervisory Commission announced a follow-up measure to strengthen the security of private information on March 28th. Many financial corporate affiliates commonly shared their customers’ information for marketing. From May, it will be tougher to share the customer information to other affiliates. This measure has not been passed by Congress yet, but it was announced on the form of an administrative guidance. When financial corporations use shared customer information from other affiliates, they should clarify their purpose. Also, when they call the customers, they should inform where they got their private information. Also, they are to use customer administrative numbers instead of resident registration numbers. Lastly, the affiliates should store personal information for only one month instead of 3 months as in the past.