Japan proposes data-sharing rule changes to combat financial crime
( May 14, 2026, 03:07 GMT | Official Statement) -- MLex Summary: Japan’s data protection and financial regulators on Wednesday proposed amending guidelines on the protection of personal information in the financial sector to help prevent fraud. The Personal Information Protection Commission and the Financial Services Agency proposed adding provisions that would allow financial institutions to share information on bank accounts used in fraud and other criminal activities. While financial institutions are generally required to obtain consent before sharing personal information, the draft guidelines clarify that fraud prevention falls within a legal exemption to the consent requirement. Following a one-month public comment period starting Wednesday, the amended guidelines are expected to take effect in April 2027.The statements, in Japanese, are attached....
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