China is tightening personal information protections and urging businesses that handle personal data to strengthen compliance. Violations could result in million-dollar fines, depending on the case.
The latest announcement from the Cyberspace Administration of China (CAC) outlined stricter requirements for personal data collection, third-party data sharing, and the use of facial recognition technology. The move is pushing financial firms to build more standardized internal audit systems as regulators conduct routine compliance checks, raising the risk of potential penalties for any data protection gaps.
