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Gramm-Leach-Bliley Act and Document Destruction
The Gramm-Leach-Bliley Act of 1999 applies to financial institutions that obtain nonpublic personal information through the normal course of their business. The organizations covered by The Gramm-Leach-Bliley Act must develop precautions to ensure the security and confidentiality of customer records and information, and to protect against unauthorized access to or use of such records. This includes secure storage, disposal, and sharing of confidential information.
Who must comply with the Gramm-Leach-Bliley Act
The Gramm-Leach-Bliley Act’s privacy protections regulate financial institutions--businesses that are engaged in banking, insuring, financial advice and investing.
Penalties
Civil penalties include fines up to $100,000 for each violation. Criminal penalties may include up to five years in prison.
Read more about the Gramm-Leach-Bliley Act
1. Thomas Legislative information on the Internet provided by the Library of Congress.
2. The
Federal Trade Commission The Federal Trade Commission’s web site is educating consumers and businesses about the importance of personal information privacy, including the security of personal information. Has a section dedicated to the Gramm-Leach-Bliley Act.
3. Electronic
Privacy Information center (EPIC) is a public interest research center in Washington, D.C. The Web site has a section dedicated
to the Gramm-Leach-Bliley
Act.
Free document security assessment. Click here to inquire about how Brink's secure document destruction program can help you bee FACTA compliant.
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