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Changes to Hong Kong’s Privacy Law Hinder AML Data-Sharing, Say Consultants

By Brian Monroe

Amendments to Hong Kong's data privacy law could restrict financial institutions from sharing data on suspected money launderers with branches outside of the special administrative region. Under changes to Sec. 58 of the Personal Data (Privacy) Bill 2011, banks can only share data about suspected crimes when they violate Hong Kong law or are the subject of intergovernmental cooperation involving Hong Kong authorities. The jurisdiction's privacy commissioner said in April that the restrictions were intended to prevent the abuse of data by countries with poor safeguards. The Hong Kong Association of Banks (HKAB) and its constituents "are aware that the...

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