Summary Information Also Included in MyData Information Provision Scope

Administrative Notice of Amendment to Credit Information Business Supervision Regulations

[Asia Economy Reporter Park Sun-mi] The scope of MyData information provision explicitly includes transaction details such as bank account summaries.

On the 15th, the Financial Services Commission and the Financial Supervisory Service announced the administrative notice of the 'Amendment to the Credit Information Business Supervision Regulations.' According to the amendment, the information that MyData service providers can receive through the exercise of the credit information subject's right to transfer credit information explicitly includes transaction details such as bank account summaries.

This includes transfer and payment details recorded in the credit information subject's account, transaction counterparties, and information recorded or requested to be recorded in the credit information subject's account during financial transactions by the credit information subject and counterparties. Consumers will face restrictions on integrated account inquiry services with detailed deposit and withdrawal records and income and expenditure management services if transaction details are not provided.

Furthermore, to strengthen personal information protection, the marketing use and third-party provision of transaction details and minor information are prohibited, and the purpose of information use is limited to the credit information subject's own inquiry and analysis.

For minors, to ensure stronger personal information protection, when requesting transmission for providing MyData services, the consent of the legal representative must be confirmed, and the scope of information collection is limited to financial products mainly used by minors, such as demand deposit accounts, check/prepaid cards, and prepaid balances.

An official from the financial authorities stated, "This amendment to the supervision regulations is scheduled to be implemented from January next year after administrative notice until the 22nd of this month."

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