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South Korea’s financial regulator has announced financial firms may be fined as much as three percent of their global turnover when responsible for breaches of personal information, according to Yonhapp News Agency. Additionally, clients will be granted an option to revoke consent to provide their personal information. The Financial Services Commission also said financial firms must delete clients’ data after termination of financial transactions and may not share the data with affiliates beyond a given time limit. The proposed measures are slated to go into effect in the second half of this year.
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