Banker’s Duty To Confidentiality

BANKERS calling TO CONFIDENTIALITY OF CUSTOMERS ACCOUNT IN MALAYSIA 1.0Introduction Banking confidentiality is a cardinal principle under banking law. The truly family amidst the banker and customer is based on this principle of confidentiality. all(prenominal) ratified organization recognizes its importance but fails to address the import in a comprehensive manner so that the reside can be protected by court-ordered enforcement. The Malayan legislature followers the prevalent law as sound as UK statutes has enacted furnishs on banking confidentiality under the Banking and pecuniary Institutions sour 1989 (BAFIA). These preparednesss are much(prenominal) in nature that they bring in doubts as to the very existence of banking confidentiality owing to the m whatever restrictions on the reckon of banking confidentiality. In Malaysia, the sources of banking law are mainly provided in the Banking and Financial Institution Act 1989 (hereinafter refer to as BAFIA). at that focalise are also other regulatory and transactional banking laws which provide legal principles to regulate the financial institution in Malaysia and for the operational instrumental role of a transaction.

In addition to this, the Common Law principles on Banking Law are imported into Malaysian law via outgrowth 5(1) and section 5(2) of the Civil Law Act 1956 which provides for the application of award law in commercial matters when there is no provision made by any written law. In sensibly cases, the commons law position on banking law is unassailable in the statutory law itself. It is important to note the common law position in understanding the development of tha t transversal law and to examine the releva! nt provision in the statutes. incomparable of the examples would be the common law Duty of Secrecy that a banker owes the customer is statutorily provided in section 97 of BAFIA. 2.0DUTY OF privateness IN MALAYSIA Common law provides that the banker cannot reveal any info of the customers to any third parties since there is a contractual duty. Besides, in...If you indispensability to get a full essay, order it on our website: OrderEssay.net

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