Follow-up meeting on the Measure to Prevent Personal Data Breach

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Secretary General of the FSC convened a meeting to review the current situations of the follow-up measures to the ‘Measures to Prevent Personal Data Breach’ announced on March 10. Deputy Governor of the Financial Supervisory Service, Vice Chairman of the Korea Federation of Banks, Korea Life Insurance Association, General Insurance Association Korea, Korea Financial Investment Association, Credit Finance Association and Consumer Loan Finance Association, and Vice President of Korea Federation of Savings Banks participated in the meeting.

Among various agendas, the participants focused on the measures that will take into force in the near future.

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1. Establishment of system to make inquiries on the usage and provision of personal information
Financial institutions will be required to establish and operate inquiry systems on financial customers’ personal information to check how their credit information is being used. All financial firms will be mandated to launch the system for service on their website by the end of 2014.

2. Improve agreements on provision and use of personal information in a more consumer-friendly manner
Agreements on provision and use of personal financial information will be revised so that financial companies collect only minimum necessary information while at the same time help financial customers to more easily understand the terms of agreement. Financial firms will be required to use the new forms of agreement starting from September.

3. Minimize unnecessary exposure of resident registration number
Financial institutions will be banned from requiring customers to provide resident registration number in all forms of financial transactions. Customers will be able to engage in all sorts of financial transactions only by submitting their date and year of birth. Detailed rules will be announced in June and take into effect in December.

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