Our Commitment to Privacy
What is Personal Information?
Personal information is information about an identifiable individual, but does not include the name, title, business address or telephone number of an employee of an organization. The personal information that we collect in the course of doing business may include such things as your name, mailing address, date of birth, financial information and credit records. We consider the sensitivity of personal information in deciding how it should be collected, used, disclosed and safeguarded.
Why We Collect, Use and Disclose Personal Information
We collect, use and disclose your personal information in order to provide certain financial and related services to you. These include:
opening and maintaining your account(s) with us;
providing you with financial products and services you have requested;
establishing your identity in order to protect you and us from error and fraud;
providing related administrative services;
providing you with information about other products and services that may be of interest to you; and
complying with legal and regulatory requirements.
How and What Personal Information We Collect
Most personal information is collected directly from you. With your consent, we may obtain personal information from other sources such as credit bureaus. We may also verify personal information you have provided to us with other sources. For example, we may verify information you provided regarding your employment with your employer or credit-related information with a credit bureau. In certain circumstances, we may collect personal information that you had previously provided to one of our affiliates in order to facilitate the provision of products and services to you by Shinhan Bank Canada, including determining your creditworthiness. All personal information is collected by fair and lawful means.
Your receipt of different products and services may require the collection of different kinds of personal information. We will not collect more than is necessary for the purpose of which it is collected. For example:
If you apply for a credit product, we use your financial information to assess your eligibility. Financial information may include your tax returns, net worth statements, employment income and credit information.
If you would like to open an interest-bearing or investment account with us, the Income Tax Act requires that we ask for your Social Insurance Number.
When we verify or update your personal information with a credit bureau, your Social Insurance Number is the most effective way of ensuring that we access the correct credit report. Please be aware however, that the provision of your Social Insurance Number for this purpose is purely voluntary. Should you choose to not provide us with this piece of personal information, we will still be able to perform credit verifications and updates with a credit bureau with other personal information for identification.
Obtaining Your Consent
Subject to legal and contractual requirements, you may withdraw your consent to the collection, use or disclosure of personal information at any time. We will respond to any such request in a timely manner. If accommodating your request would limit or prevent us from providing you with a product or service you have requested, we will explain the implications of your request to you at the time you refuse or withdraw your consent.
We may from time to time contact you in order to provide you with information about additional products and services which we feel might be of interest to you. Should you not wish to receive such communications from us, you may contact us at the information provided below in order to refuse or withdraw your consent to this use of your personal information (see “How to Contact Us”).
Limiting Use and Disclosure of Your Personal Information
As indicated above, we may disclose the personal information you have provided to us for verification purposes, including, depending on the circumstances, to your employer, to a credit bureau, or to any of our affiliated institutions, including those located in other jurisdictions.
To the extent that any of our affiliates or any of the third party service providers we retain are located outside of Canada, personal information transferred to them will be subject to the laws of the foreign jurisdiction where they are located, including those laws governing disclosure of personal information.
In certain circumstances, we may disclose your personal information without your knowledge or consent, as required or permitted by law. This may occur if we are compelled to disclose personal information to a regulatory or law enforcement authority or to a court of law. We are also permitted to disclose certain personal information in order to collect on an overdue account, or as required to detect or prevent fraud.
Retaining Your Personal Information
We will retain your personal information only for the time it is required for the purposes for which it was collected and for a reasonable length of time thereafter in case we need to meet any potential obligations or legal or regulatory requirements. We have adopted a retention policy, which reflects our obligations under privacy and other applicable legislation and which sets minimum and maximum retention periods for personal information. Once your information is no longer required, it is securely destroyed or made anonymous as appropriate.
Safeguarding Your Personal Information
We will protect your personal information, regardless of the format in which it is held, with physical, organizational and technological measures appropriate to the sensitivity of the personal information, in order to protect it from unauthorized access, disclosure or misuse. We regularly audit our security procedures in order to ensure that they are being properly administered and that they remain effective and appropriate.
We limit access to your personal information to those who require access in order to provide you with particular products and services. Shinhan Bank Canada employees are aware of the importance of maintaining the confidentiality of your personal information and of ensuring it is adequately safeguarded.
For information regarding online security, please visit the Online Security section of our website at www.shinhan.ca. You will find updated information regarding the online safeguards that we have in place as well as steps that you can take in order to protect your privacy online.
Openness and Accountability
Accessing Your Personal Information
Upon receipt of a written request, we will provide you with reasonable access to personal information about you that is in our possession. We will also update and/or correct your personal information as required. If you have a sensory disability, we will provide access to your personal information in a requested alternative format as required by law.
In some cases, we may not be able to provide you with access to your personal information, including in the following circumstances:
if doing so would reasonably be expected to threaten the life or security of another individual;
if disclosure would reveal confidential commercial information;
if the personal information is protected by solicitor-client privilege; or
if the information was collected during the investigation of a legal matter or for purposes related to the detection and prevention of fraud.
If we are unable to provide you with access to your personal information, we will advise you in writing of the reason(s) for the refusal, unless we are prohibited from doing so by law.
How to Contact Us
Shinhan Bank Canada Compliance Officer
Address: 5140 Yonge Street, Suite 2300, Toronto, Ontario M2N 6L7
Telephone: (416) 250-3500