Financial Services Commission Eases Requirements for MyData Operators' IT System Development

[Asia Economy Reporter Sim Nayoung] The excessive obligation to build IT systems that MyData (personal credit information management) service providers had to fulfill will be somewhat relaxed.

On the 31st, the Financial Services Commission announced that the amendment to the Enforcement Decree of the Credit Information Use and Protection Act (Credit Information Act), which exempts the obligation to build a "system for inquiring about the fact of information provision" related to MyData services, has passed the Cabinet meeting.

The existing law stipulated that "when a financial company provides personal credit information to a third party, the financial company must obligatorily build a system that allows the data subject to inquire about the fact of such information provision." However, the industry pointed out that considering MyData service users can check the details of information provision at any time and periodically, the obligation to build a system for inquiring about the fact of information provision was excessive.

Accordingly, the amended decree exempts financial companies from the obligation to build a fact inquiry system related to MyData service information provision.

The amendment also includes provisions to clarify work regulations so that specialized personnel handling external pseudonymized information can perform duties for both institutions simultaneously when a data specialized institution is designated as a data combination specialized institution at the same time.

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