Businesses that opt-in to Facebook’s new data retention and privacy policies could end up being liable for up to a year of data retention for non-payment of bills.
News.co.nz Businesses that choose to opt out of the new policy will face a two-year penalty period, while businesses that opt in will face up to two years of penalties.
This is the first time that Facebook has published data retention policy for businesses.
If a business opts in to the new data collection policies, Facebook will also ask them for details of all of the transactions that they have processed in the last year.
Business owners that are asked to provide information will also be asked to fill in the following information: The number of customers that have visited their business in the past month.
The total amount of money that they spend at their business over the past 12 months.
How much time each of the following services are spent in the business: Online shopping.
How many of the people that work in the organisation are in the same occupation as you.
A copy of the business card and bank statement that they submitted to Facebook.
An email address where you can reach them if they need more information.
Facebook will also share this information with law enforcement authorities.
But businesses that do not opt in to data collection and retention policies will still be subject to fines.
These penalties could include fines for nonpayment of taxes, unpaid rent, late payments, fines for breach of privacy and for failing to notify Facebook of any financial transactions.
In addition, if a business chooses to opt in, they will be required to notify the data collection authorities of any non-compliance.
Customers are required to be aware that data retention rules could change over time and could be subject the data to additional safeguards, such as access to the customer’s private information and data protection and data retention requirements.