Bacen and CMN announce rules on data sharing in the financial sector

The Central Bank of Brazil (Bacen, acronym in Brazilian Portuguese) and the National Monetary Council (CMN, acronym in Brazilian Portuguese) published recently regulations on data sharing in the financial sector. These measures aim to promote security and transparency in the use of information by institutions authorized by Bacen.

Data sharing in the financial sector refers to the practice of sharing information between financial institutions and other companies authorized by Bacen. This includes data related to customers, financial operations, products and services.

Main points of the new rules:

  • Customer consent: Financial institutions must obtain the customer’s expressed consent prior to sharing their data with third parties. This strengthens the customer’s control on their personal information.
  • Data retention periods: Institutions are subject to specific periods for retention of data, aiming to limit unnecessary storage and to promote regular update of information.
  • Information security: Financial institutions must adopt robust security measures to protect shared data, including cryptography and prevention of unauthorized access.
  • Institutions’ responsibility:  Institutions are responsible for monitoring the adequate use of shared data, ensuring that they are exclusively used for the authorized purposes and in compliance with the applicable legislation.
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The new data sharing rules in the financial sector has as main objective to protect the privacy and security of the customers’ information.

These regulations promote transparency and control on the use of data, strengthening trust in the financial sector.

Financial institutions must be aware of these rules and must implement the required measures to ensure their adequate compliance.

Written by Marcos Ferreira, Content Assistant to Drummond Advisors

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