“Any decent commercial agent these days relies on accurate information about occupation, ownership, who’s a tenant, who’s an owner and harvesting that data is not easy but if it’s a European’s data you’re going to need a contract with them or a legitimate reason to have it, otherwise you need consent.”
The EU regulations reframed the rights around the data collection of “EU data citizens” from an opt-out model to an opt-in.
This will require companies to have the consent of individuals to contact them by email or phone before they do. It also gives European Union citizens the “right to be forgotten”, which gives people the right to be wiped from company databases.
Clark said if a commercial property company did not have a process in place to wipe someone’s information, it could quickly find itself referred to an authority that would question why not.
The regulations come into effect on May 25.
But under New Zealand and European anti-money laundering and anti-terrorism financing laws, there are records that commercial property companies have a “genuine and legitimate reason” to keep.
“If someone wants to erase their data the first thing you need to assess is, ‘should I?'”
Under EU law this means if anyone has leased, bought or sold property then the property companies are obligated to keep a record of who they are.
For example two forms of ID, one showing proof of address of a beneficiary need to be submitted before a commercial sale can be made, something property companies do not need consent for under the new regulations.
Clark said the software will still record that it’s erased a person’s data, keeping their name in its systems.
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