Until the end of February, the banking sector will have new rules for the protection of consumers’ personal data, in line with the General Data Protection Law (LGPD). The rules are contained in the SARB 25 standard, approved in December by the self-regulation council of the Brazilian Federation of Banks (Febraban).
The rules provide for the design and implementation of privacy governance programs, and establish minimum procedures and best practices for compliance with the rules. They provide, for example, for the existence of mechanisms to prevent damage and the concern with the protection of personal data from the conception of products or services.
Institutions must also create a specific flow to meet the rights of data subjects, provided for in the LGPD, facilitating customer contact and with quick response times. At least one privacy channel must be made available for the exercise of these rights, either through a specific means or through existing ones, such as call centers or internet banking and applications.
The standard also provides for institutions to train, educate and train their employees and administrators on the subject of data protection. According to Febraban, many of the institutions already invest in training and external courses for employees on the subject.
At another point, each bank will have a data processing officer, who can be appointed by the conglomerate and who will be the focal point of communication with the National Data Protection Authority (ANPD), an independent body that oversees data protection and the compliance with the GDPR.
“Care for privacy, secrecy and protection of consumer personal data has always been an absolute priority for the banking sector. Now, through Febraban Self-Regulation, financial institutions reinforce this commitment by voluntarily establishing complementary actions to the legislation for the additional protection of bank customer data”, says the entity’s president, Isaac Sidney.
The sector’s self-regulation currently has 25 regulations, 17 of which deal with consumer relationships and protection. The Banking Self-Regulation Code was created in August 2008.
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