Professionals from McMillan wrote a blog post outlining the privacy considerations for Canadian financial institutions following the government's August report on implementation of the country's open banking system. The outline covers privacy recommendations and best practices associated with data portability and security, consent, transparency, and automated decision making. The firm also covers liability considerations in the event of a data breach. McMillan wrote that those involved in the open banking system "should carefully monitor forthcoming privacy law developments" while alluding to "significant reform on the horizon."
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