This is the new MLex platform. Existing customers should continue to use the existing MLex platform until migrated.
For any queries, please contact Customer Services or your Account Manager. Dismiss

South Korean privacy regulator to inspect financial sector over resident ID practices

( March 31, 2026, 01:52 GMT | Official Statement) -- MLex Summary: South Korea’s privacy watchdog said on Tuesday it will launch a preemptive inspection of how financial companies handle resident-registration numbers, following sanctions imposed earlier this month over violations involving Lotte Card. According to the Personal Information Protection Commission, the review, due to begin in April, will cover banks, insurers, card companies, securities firms and savings banks that provide services to individual customers and are permitted under financial laws to process such identifiers. The regulator said it will focus on how resident-registration numbers are collected, used and managed, including whether they are being excessively processed at stages that do not involve actual financial transactions, such as web or app sign-up. It will also examine whether the identifiers are being stored in logs, an issue highlighted as a cause of the recent card-sector data breach.Statement is attached (in Korean)....

Prepare for tomorrow’s regulatory change, today

MLex identifies risk to business wherever it emerges, with specialist reporters across the globe providing exclusive news and deep-dive analysis on the proposals, probes, enforcement actions and rulings that matter to your organization and clients, now and in the longer term.


Know what others in the room don’t, with features including:

  • Daily newsletters for Antitrust, M&A, Trade, Data Privacy & Security, Technology, AI and more
  • Custom alerts on specific filters including geographies, industries, topics and companies to suit your practice needs
  • Predictive analysis from expert journalists across North America, the UK and Europe, Latin America and Asia-Pacific
  • Curated case files bringing together news, analysis and source documents in a single timeline

Experience MLex today with a 14-day free trial.

Start Free Trial

Already a subscriber? Click here to login