New laws have come into effect on 12 March 2014. The changes provide a new set of rules for businesses and organisations concerning the maintenance and recording of an individual’s personal information. Any businesses that do not meet the requirements of the act may face fines of up to $1.7 million for corporations or $340,000 for individuals.
The new laws define the ways in which the privacy of an individual must be handled.
Some notable changes include:
- focus on a person’s ability to access and change their personal information;
- quality and accuracy of information collected;
- use of information collected; and
- disclosure of information collected.
Notably, there is an exemption that applies for some business operators which meet certain requirements. Contact us to find out more about the exemptions.
For companies that provide credit or deferred payments, a second set of rules relates to credit information obligations and the information that must be provided for credit reporting purposes.