"Strengthen guidelines for assisting and monitoring trans-border data flows including the monitoring of compliance."

Veda Advantage wants the value of historical data to the economy recognized as a means of combating identity fraud, money laundering and terrorism.

This means creating a transparent enabling mechanism for access to historical data beyond the current seven year access expiry period. However, the submission doesn't detail the cost to business to store information for longer periods of time.

Veda Advantage general manager of information services and solutions, Erica Hughes, said most information today is networked, not locked up in the big brother data banks everyone feared 20 years ago.

"Risk for customers in this rapidly changing world is growing. Consumer consent is becoming less and less meaningful, and information handling less transparent," Hughes said.