Head of Intellectual Property / TMT Practice Pavel Sadovsky and Counsel of Banking & Finance , Capital Markets Practice Roman Malovitsky reviews the legal basis of data processing and its practical application in the financial sector.

The core provisions on data protection in the Russian Federation are contained in Articles 23 and 24 of the Constitution of the Russian Federation of 12 December 1993, by virtue of which every individual is entitled to privacy, the inviolability of their personal and family life, and the protection of their honour and reputation. Information on an individual's private life should not be collected, stored, used, or disseminated without their consent. Therefore, it follows that an individual's consent is an implied prerequisite for personal data processing.

The Law on Personal Data is the general basis for personal data processing and protection, and is applicable to any procedures performed with data in the financial sector. It is the main legislation that should be taken into account by financial sector participants as well as by relevant state authorities.

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