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Asia Pacific Dashboard Digest | Chinese banks hit with 1M CYN fines over data protection missteps Related reading: Israel's PPA rules data transfers to US cannot rely on Privacy Shield

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The Shanghai Supervision Bureau of China Banking and Insurance Regulatory Commission announced 1 million CYN fines respectively to two Chinese banks that failed to properly protect consumers' personal information. China Merchants Bank was fined after an investigation uncovered a five-year lapse in data security. The fine served to Bank of Communications stems from a similar lack of security related to credit card collection outsourcing.
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