Financial Intelligence Centre’s Post

Help is at hand to complete your RCR's in this webinar offered by the FIC.

Help is at hand to complete your RCR's in this webinar offered by the FIC.

President Biden signed the Protecting Americans’ Data from Foreign Adversaries Act. Here are three key takeaways from the Act: 1. Enhanced Protection of Sensitive Data. The bill establishes a strict prohibition against data brokers selling or transferring personally identifiable sensitive data of U.S. residents to entities controlled by or located within foreign adversary countries, including China, Russia, Iran, and North Korea. 2. Enforcement by Federal Agencies. The Federal Trade Commission (FTC) is designated to enforce these new regulations, ensuring compliance and penalizing violations. This centralizes the oversight of data transactions involving sensitive personal information. 3. Bipartisan Support. Demonstrating strong bipartisan backing, this legislation emphasizes the importance of protecting the personal data of American citizens from potential exploitation by foreign threats, reinforcing national security in the digital age. It’s essential to understand thw implications of the act on data privacy and security. It bolsters protections against the misuse of sensitive personal data by foreign entities and underscores the pivotal role of federal oversight in safeguarding our digital borders. For those interested in data protection, national security, and regulatory compliance, this development represents a significant stride in protecting the civil liberties of U.S. residents. Read the full text of the act here: https://lnkd.in/eGxXcP6Z #DataProtection #NationalSecurity #RegulatoryCompliance #DigitalPrivacy #BipartisanEffort #FTC

Four months after an MOU was signed between #mainlandChina and #HongKongSAR on safeguarding data flows in the #GBA, the first set of implementation rules has just been tabled for public consultation until 15 Nov. The GBA initiative should become a fifth approach to data exports from mainland China, supplementing the existing security assessment, personal information protection certification and standard contract mechanisms, and the recently proposed exemptions that seek to ease data export restrictions. In this latest article, Alex Roberts 罗世轩 and I shared some observations of this new initiative. Check it out for further details. #Chinadataprotectoin #CBDT

Another one to watch: "The ANPRM proposes a DOJ-administered regulatory scheme in which US persons would be prohibited or restricted from engaging in certain types of “covered data transactions” through which a country of concern or a covered person could access “bulk US sensitive personal data” or “government-related data.” Certain transactions within that scope may be permitted if compliant with specific conditions, including forthcoming security and reporting requirements."

A quick summary of existing regulations from around the world the Aussie govt can 'borrow' to fast-track their goal of Australia becoming “the world’s most cyber-secure country by 2030.”  https://lnkd.in/g4c4hV5b