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UNDER WHAT CIRCUMSTANCES CAN A BANK OR FINANCIAL INSTITUTION DISCLOSES INFORMATION OR DOCUMENT OF CUSTOMERS ?
Part XIII of the Banking and Financial Institutions Act 1989 provides that, no director or officer or employee of any bank or financial institution, whether during his tenure of office or during his employment, or thereafter, shall
- give
- produce
- divulge
- reveal
- publish or
- otherwise disclose
to any person any information or document whatsoever relating to the affairs or account of any customer except such disclosure
- which the customer, or his personal representative, has given permission in writing to disclose
- in a case where the customer is declared bankrupt, or, if the customer is a corporation, the corporation is being or has been wound up, in Malaysia, or outside Malaysia
- where the information is required by a party to a bona fide commercial transaction, or to a prospective bona fide commercial transaction, to which the customer is also a party, to assess the creditworthiness of the customer relating to such transaction, provided that the information required is of a general nature and does not enable the details of the customer's account or affairs to be ascertained
- for the purpose of any criminal proceedings or in respect of any civil proceedings
- between the bank or financial institution and its customer or his guarantor relating to the customer's transaction with the institution or
- between the bank or financial institution and 2 or more parties making adverse claims to money in a customer's account where the licensed institution seeks relief by way of interpleader
- where the bank or financial institution has been served a garnishee order attaching monies in the account of the customer
- to an external bureau established, or to an agent appointed by the bank or financial institution with the prior written consent of the Central Bank of Malaysia
- where such disclosure is required or authorized under any other provision of the Act
- where such disclosure is authorized under any Federal law to be made to a police officer investigating into any offense under such law and such disclosure to the police officer being, in any case, limited to the accounts and affairs of the person suspected of the offense or
- where such disclosure is authorized in writing by the Central Bank of Malaysia.
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