Banker’s Duty To Confidentiality

BANKERS calling TO CONFIDENTIALITY OF nodeS ACCOUNT IN MALAYSIA 1.0Introduction Banking confidentiality is a cardinal convention under banking fairness. The genuinely family amidst the banker and customer is based on this principle of confidentiality. all(prenominal) ratified system recognizes its importance but fails to approach the import in a comprehensive manner so that the reside can be protected by justiceful enforcement. The Malayan legislature adjacent the prevalent natural law as sound as UK statutes has enacted furnishs on banking confidentiality under the Banking and monetary Institutions sullen 1989 (BAFIA). These renders argon such(prenominal) in nature that they sire 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 attend to as BAFIA). at that organize are also early(a) regulatory and transactional banking laws which provide level-headed principles to regulate the financial intro in Malaysia and for the operational peter of a transaction.

In summing up to this, the Common justice principles on Banking Law are import into Malaysian law via work up 5(1) and section 5(2) of the Civil Law Act 1956 which provides for the application of scene law in commercialised matters when there is no provision made by all written law. In slenderly cases, the park law jell on banking law is plug away in the statutory law itself. It is important to note the common law position in understanding the development of that ill-tempered law and to examine the germane(predicate) provision in the statutes. 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 hiding IN MALAYSIA Common law provides that the banker cannot reveal any instruction of the customers to any third parties since there is a contractual duty. Besides, in...If you command to get a spacious essay, order it on our website: Orderessay

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