1.0Introduction
Banking confidentiality is a cardinal principle under banking law. The very family between the banker and customer is based on this principle of confidentiality. all(prenominal) ratified system recognizes its importance but fails to address the import in a comprehensive manner so that the reside can be protected by legal enforcement.
The Malayan legislature following the prevalent law as sound as UK statutes has enacted furnishs on banking confidentiality under the Banking and Financial Institutions sour 1989 (BAFIA). These provisions are such in nature that they bring in doubts as to the very existence of banking confidentiality owing to the m whatever restrictions on the exercise 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 place are also other regulatory and transactional banking laws which provide legal principles to regulate the financial institution in Malaysia and for the operational instrument of a transaction.
In addition to this, the Common Law principles on Banking Law are imported into Malaysian law via arm 5(1) and section 5(2) of the Civil Law Act 1956 which provides for the application of face law in commercial matters when there is no provision made by any written law. In somewhat cases, the common law position on banking law is secure 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 relevant provision in the statutes. matchless 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 SECRECY IN MALAYSIA
Common law provides that the banker cannot reveal any information of the customers to any third parties since there is a contractual duty. Besides, in...If you want to get a full essay, order it on our website: Ordercustompaper.com
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