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 actually family mingled with the banker and customer is based on this principle of confidentiality. all(prenominal) ratified administration recognizes its importance but fails to address the import in a comprehensive manner so that the reside can be protected by statutory 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 provides are such(prenominal) in nature that they bring in doubts as to the very existence of banking confidentiality owing to the m whatever restrictions on the proceeding 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 B AFIA). at that trust are also other regulatory and transactional banking laws which provide legal principles to regulate the financial institution in Malaysia and for the operational doer of a transaction.

In addition to this, the Common Law principles on Banking Law are imported into Malaysian law via limb 5(1) and section 5(2) of the Civil Law Act 1956 which provides for the application of see law in commercial matters when there is no provision made by any written law. In evenhandedly cases, the frequent law position on banking law is reliable in the statutory law itself. It is important to note the common law position in understanding the development of that picky law an d to examine the relevant provision in the s! tatutes. unmatchable 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 concealing IN MALAYSIA Common law provides that the banker cannot reveal any entropy of the customers to any third parties since there is a contractual duty. Besides, in...If you extremity to get a full essay, order it on our website: OrderEssay.net

If you want to get a full information about our service, visit our page: write my essay