Russia: Central Bank Issues Order on Requirements of Mandatory Data Protection for Non-Credit Financial Institutions

On May 21, 2019, the Central Bank of the Russian Federation (CBR) published its Order "on establishment of mandatory requirements for non-credit financial organisations to ensure data protection in the implementation of activities in financial markets to counter illegal financial transactions”.

Non-credit financial organisations will be required to ensure an enhanced level of data protection, a standard level of protection or simplified requirements depending on the type of organisation.

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