PBOC Tightens Management of Cross-Border Transfer of Data in Financial Industry

The People's Bank of China (PBOC) recently released a notice tightening the management of cross-border financial network and information services. The notice tries to regulate the cross-border transfer of financial data by placing controls on IT infrastructure and products & services despite having a stated aim of “safeguarding cross-border financial network and information security, exercising overall oversight over financial infrastructure and effectively guarding against systemic financial risks”.