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An Act to provide new laws for the licensing and regulation of institutions carrying on banking, finance company, merchant banking, discount. Looking for online definition of BAFIA or what BAFIA stands for? BAFIA is listed BAFIA, Banking and Financial Institutions Act (Malaysia). BAFIA, Bureau. BAFIA Presented By Anil Rasaili Kusum Bhandari Arbind Pathak Prabin ( Amendment ) Bank and Financial Institution Act,

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Disclosure for public interest; 4. Despite aforesaid, there are qualifications which entitle the Bank to divulge and disclose the information: To protect the Bank’s interest where the Bank initiates action to recover monies owed by the customer and the notice of demand and pleading tendered to the court contain the details of the debt.

Comparative Analysis of Provisions on the Bank and Financial Institution Act (BAFIA) 2063 and 2073

The Plaintiff then commenced an action for breach of confidentiality. The authors thank Janet Bafia and Sharon Fryer for transcribing the audio- and videotapes from the Panel Meeting, Stacie Metz for her work in the preparation of this manuscript, and Kelli Norton and Joe Kesterson for coordinating the data and bafiia searches required to create the Round 1 materials. References in periodicals archive? Real Estate and Construction.

BAFIA – What does BAFIA stand for? The Free Dictionary

The answer is simply, yes. Food, Drugs, Nafia, Life Sciences. This article will only focus and discuss the relevant provisions of the FSA. Section 3 of the FSA states that a person who has any information or document which to his bafi has been disclosed in contravention of section 1 of the FSA is prohibited from disclosing the same to any other person.


According to section 1 which is read together with section 3 of the FSA, the duty of confidentiality encompasses a person who is not just a bank officer but even a third party.

The Bank did not close the account as there was no written authorisation from the Plaintiff.

Worldwide Europe European Union U. The next concern is whether an ex-employee of a bank is also bound by the duty of secrecy. Interested in the next Webinar on this Topic? The exceptions provided under the statute are the following: It will not include any analysis on the Islamic Financial Institution Act In other words, it is sufficient to state that the Plaintiff could even succeed based on an implied duty of confidentiality between him and the bank.

A banker owes a duty of secrecy to its customers at all times, including a duty to keep information concerning its customers’ affairs confidential. A comparison of clinically important differences in health-related quality of life for patients with chronic lung disease, asthma, or heart disease. Section 1 of the FSA stipulates that no person who has access to any document or information relating to the affairs or account of any customer of a financial institution, including the financial institution or any person who is or has been a director, officer or agent of the financial institution, shall disclose to another person any document or information relating to affairs or account of any customer of the financial institution.

This imposes a criminal penalty. The duty of secrecy continues even after the termination of the banker and customer relationship.


The Bank’s credit officer subsequently informed the Plaintiff’s brother and upon knowing, the Plaintiff commenced an action for breach of confidentiality. In this case, the Bank had disclosed to the Plaintiff’s employer about the Plaintiff’s information which he had obtained from the drawer of a cheque made in favour of the Plaintiff.

ASIC has published the exact levies payable by regulated entities in under the new industry funding arrangements.

This duty is also contractual in nature and is to be implied by a banker and customer relationship. Their Lordships held that the right of a customer to have his affairs kept confidential is a legal right, which is not absolute but qualified.

The Court held that the Plaintiff failed to close his account as the required written instruction was not given. A travers les denominations des rues et des quartiers de la ville de Douala: Crowdfunding is solicitation of cat amounts funds from multiple investors through a web-based platform or social networking site for a specific project, business venture or social cause.

If directed by the court order or compulsion by law; 2. The content of this article is intended to provide a general guide to the subject matter. The Free Dictionary https: The Court allowed acg civil action and granted the nominal damages of RM15 to the Plaintiff.

The author opines that the principles from the abovementioned cases must be interpreted in the context of the statutory regime.