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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Section 1 of the FSA stipulates that no person who has access to any document or information relating to the affairs or account acct 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.

The author opines that the principles from the abovementioned cases must be interpreted in the context of the statutory regime. To protect the Bank’s interest where the Bank initiates action to recover monies owed by the customer and the notice of ach and pleading tendered to the court contain the details of the debt.

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BAFIA – What does BAFIA stand for? The Free Dictionary

The Bank did not close the account as there was no written authorisation from the Plaintiff. Do you have a Question or Comment? After receiving hafia information from the Bank, the Plaintiff’s employer did not renew the Plaintiff’s contract of employment. It is only by the abovementioned qualifications or exceptions that such information may be disclosed legally to a third party. Countries In Asia Pacific.


The Court held that the Plaintiff failed to close his account as the required written instruction was not given. The Bank’s credit officer subsequently informed the Plaintiff’s brother and upon knowing, the Plaintiff commenced an action for breach of confidentiality.

Despite aforesaid, there are qualifications which entitle the Bank to divulge and disclose the information: This article will only focus and discuss the relevant provisions of the FSA.

Specialist advice should be sought about your specific circumstances. As a result, in the event that a banker breaches his duty of secrecy, the customer may be entitled to claim for damages, if he has suffered losses.

Crowdfunding is solicitation of small amounts funds from multiple investors through a web-based platform or social networking site for a specific project, business venture or social cause. Differences in attainment and performance in a foreign language: The next concern is whether an ex-employee of a bank is also cat by the duty of secrecy.

The answer is simply, yes. It was further held that the duty of secrecy is not only confined to the actual state of the customer’s account but it also extends to information derived from the account itself.

BAFIA – Bank and FInancial Institution Act (Nepal) | AcronymFinder

Events from this Ac. If directed by the court order or compulsion by law; 2. If consent is given by the customer either impliedly or expressly; 5.


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

This duty is also contractual in nature and is to be implied by a banker and customer relationship. Worldwide Europe European Union U. More from this Firm. In other words, a banker’s duty to maintain secrecy and confidence not only encompasses information and facts that he learns from the state of the customer’s account but includes and extends to all information gained from other sources than the customer’s actual account by virtue of the banking relationship.

Real Estate and Construction. It will not include any analysis on the Islamic Financial Institution Act 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. Under section 4 of the FSA, any person who is found guilty of breaching abfia duty of secrecy to a customer, shall be liable to imprisonment for a term not exceeding 5 years or to a fine not exceeding RM10 million or both.

Disclosure for public interest; 4. Les equipes ayant confirme leur participation sont: In a nutshell, the author opines that such right of secrecy and confidentiality of a customer has been diluted by the abovementioned exceptions. Media, Telecoms, IT, Entertainment.