“You must have and abide by an appropriate privacy policy that clearly discloses that third parties may be placing and reading cookies on your user’s browser, or using web beacons to collect information, in the course of ads being served on your website. Your privacy policy should also include information about user options for cookie management.”
According to this condition, All new or existing adsense publishers must have a privacy policy for their blog/website.
You can easily create an adsense privacy policy with the help of an online adsense privacy policy generator powered by SERPRank.
image source: adsense