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Australia Comprehensive Credit Reporting: Government Data Sharing Push a Boon for Borrowers

The Australian government’s decision to fast track data sharing recommendations outlined in a report from the productivity commission will likely benefit Australians with a history of making their credit repayments on time, according to credit bureau Experian. The company expects borrowers with “a strong track record of making timely credit repayments” will be better recognised and rewarded from next year ... Read More »

Beijing’s Waning Support for Private Credit Scores

A drive by China’s big technology companies to develop credit scoring platforms, originally backed by Beijing, faces growing opposition from regulators, who fear the initiatives may threaten data security and create conflicts of interest. Two people familiar with the process told Reuters that the People’s Bank of China – which in 2015 allowed eight firms including Alibaba’s Ant Financial and ... Read More »

UK Data Protection and Privacy Update

Mike Bradford, BIIA’s contributing editor on the subject of data protection and privacy has published his latest newsletter which he is sharing with our UK members. August Headlines Information Commissioner’s Office Annual Report Data breach commentary Legitimate interest guidance Updated subject access policy Direct Marketing Association GDPR guidance GDPR in the press Warning to workers about sharing personal information Recent ... Read More »

China’s Regulators Strive to Keep up with Fast-growing ‘Fintech’

If regulators stay out of the financial technology explosion, the popularity of non-conventional financial services may make the state-backed financial system irrelevant. That can create huge risks, as was the case in 2015’s stock market rout.  But if regulators step in too deep, intervention can easily kill new services and wipe out the advantages China enjoys as a global Fintech ... Read More »

China’s Central Bank Vows to Push for Blockchain in Five-Year Plan

The People’s Bank of China (PBoC) is releasing new details about a forthcoming five-year development plan focused on its strategy for advancing technology use in the country’s domestic financial industry. According to the announcement by the central bank, the PBoC intends to actively push forward the development of new technologies such as blockchain and AI. It also plans to strengthen its research on applications of fintech ... Read More »

Experian Data Breach Resolution and Ponemon Institute Find Organizations Are Not Ready for Global Security Risks and Regulations

Only 9 percent of companies are prepared for the Global Data Protection Regulation* (GDPR) half don’t know where to begin Experian Data Breach Resolution and Ponemon Institute released an industry study revealing that while companies generally are aware of and intimidated by global privacy and data security regulations, they fail to properly understand and address necessary organizational changes to comply. ... Read More »

B20 Calling for International Cooperation to Shape an Interconnected World

Resilience, Responsibility, Responsiveness – Towards a Future-oriented, Sustainable World Economy  –  This is a strong and convincing message which was sent by the B20 business community to the G20 leaders. Through trade, investment, financial integration, data flows, and migration, our economies are growing more and more interdependent. This interdependence is a driver of economic growth and prosperity for all. While the ... Read More »

Russian Tax Authorities Scrutinize Counterparty Relationships to Identify the Use of Unjustified Tax Benefits – Require Tax Payers to Conduct Due Diligence on Counterparties

Russian Tax Authorities not only check tax returns.  They also check a company’s relationship with counterparties and the method of how a the company authenticates, evaluates and selects business partners Russian tax authorities examine specific links between counterparties (particularly if one counterparty/its shareholder has shares in another one/others, directly or indirectly, being a link in a chain of affiliated counterparties ... Read More »

UK Privacy and Data Protection Update

Mike Bradford of Regulatory Strategies UK is a regular contributor on the subjects of privacy and data protection.  Here is his latest update on UK data protection policy and recent data breaches: UK Data Protection Policy Declaration In the Queen’s Speech, the government made clear its intention to ‘ensure that the United Kingdom retains its world-class regime protecting personal data’ ... Read More »

Consumer Credit Reporting Agencies Remove Most Judgment and Lien Information from Credit Reports

Beginning July 1, 2017, the three largest nationwide credit reporting agencies, Experian, Equifax and Transunion, will delete certain civil judgment and lien information from the databases they use to create credit reports?  On July 1, 2017, these credit reporting agencies will begin to implement new enhanced public records standards and related requirements as a result of an enforced settlement agreement ... Read More »

Reckless Minds: Google’s DeepMind Trial Failed to Comply With Data Protection Laws

A year-long investigation found that patients were not adequately informed that medical data would be used as part of a trial of Streams, a mobile app designed to help with the real-time detection of acute kidney injury (AKI). The Royal Free London NHS Foundation Trust gave Google’s DeepMind artificial intelligence program data on 1.6 million patients without proper consent, the ... Read More »

Caveat Emptor: Get Ready To Be Dazzled By GDPR Professionals

Roll up, roll up, shouts the cybersecurity tout at the conference. “Are you ready to be dazzled by our GDPR product, service and expert?” We smile, groan or “tut tut.” We watch, listen, agree to a meeting, or scold and walk away. Everyone’s an expert these days and all products solve the problem of GDPR, or at least that’s what ... Read More »

B20 Questions and Answers

BIIA has been a steadfast supporter of B20 activities and participated in the SME Taskforce, the Digitization Taskforce and the SME Cross Thematic Group as reported previously.   Members have asked what is the B20?   Here are the answers to your questions:  B20 QA_EN Read More »

Microsoft Makes Changes to its DP Compliance as a Result of Regulatory Action in France

Microsoft has made changes to how it processes personal data as a direct response to a formal notice in July 2016 by France’s Data Protection Authority, the CNIL. At the time, the regulator said that the company had excessive data collection practices, was tracking users’ web-browsing without their consent, and had insufficient procedures to guarantee the security and confidentiality of ... Read More »