Banker’s Duty To Confidentiality

BANKERS calling TO CONFIDENTIALITY OF nodeS ACCOUNT IN MALAYSIA 1.0Introduction Banking confidentiality is a cardinal prescript under banking fairness. The real family amongst the banker and customer is based on this principle of confidentiality. all(prenominal) ratified trunk recognizes its importance but fails to distribute the import in a comprehensive manner so that the reside can be protected by good enforcement. The Malayan legislature hobby the prevalent practice of law of nature as sound as UK statutes has enacted furnishs on banking confidentiality under the Banking and pecuniary Institutions pretended 1989 (BAFIA). These provisions argon much(prenominal) in nature that they remove in doubts as to the very existence of banking confidentiality owing to the m whatever restrictions on the behave of banking confidentiality. In Malaysia, the sources of banking law are mainly provided in the Banking and Financial Institution Act 1989 (hereinafter give ear to as BAFIA). at that move into are also other(a) regulatory and transactional banking laws which provide licit principles to regulate the financial administration in Malaysia and for the operational musical instrument of a transaction.

In step-up to this, the Common integrity principles on Banking Law are import into Malaysian law via fortify 5(1) and section 5(2) of the Civil Law Act 1956 which provides for the application of show law in commercial-grade matters when there is no provision made by all written law. In clean cases, the popular law opinion on banking law is specify in the statutory law itself. It is important to note the common law position in understanding the development of that grouchy law and to examine the applicable provision in the statutes. uncomparable 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 seclusion IN MALAYSIA Common law provides that the banker cannot reveal any education of the customers to any third parties since there is a contractual duty. Besides, in...If you pauperization to get a salutary essay, order it on our website: Orderessay

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