Call for Modification:
The Costa Rican Banking Association has reached out to the Central Bank of Costa Rica, urging them to revamp their data collection system. This proposed change would enable banks to transmit data while preserving individuals’ anonymity.
Protecting Client Data:
This move, initiated on Monday, seeks to determine the Passive Basic Rate using data that does not disclose individual identities, fortifying customer data security.
Legal Challenges:
As the Banking Association makes this push, the Constitutional Chamber is concurrently tackling an unconstitutionality challenge. This challenge stems from the issuing institution’s history of seeking data that hasn’t been anonymized.
Preserving Anonymity:
Emphasizing customer protection, statistical evaluations can indeed be performed without revealing client identities. Supporting this stance, the Resident Data Protection Agency halted any inquiries that delve into personal resident data.
Past Practices:
It’s worth noting that since 2016, financial institutions had been transmitting information devoid of any anonymizing processes.
Regulatory Mandate:
In line with data protection, the BCCR received directives to cease any data requests that pull non-anonymized individual data. Moreover, the General Superintendency of Financial Entities has guided all corresponding financial bodies to abstain from providing such data.
