KUALA LUMPUR: Exposing confidential financial information of customers will put businesses at a disadvantage as it will open up opportunities for competitors to strategise against them.
Employees Provident Fund deputy chief executive officer and head of investment Datuk Shahril Ridza Ridzuan said it was critical for financial institutions to safeguard customers' private information as failure to do so would enable competitors to pinch their customers.
"Revealing financial information will allow others to see your business position. Competitors will then take up positions against you.
"So it is important for banks to protect their customers and uphold the provisions of the Bafia," Shahril said in a phone interview yesterday.
Section 97(1) of the Banking and Financial Institutions Act (Bafia) prohibits directors or officers of any licensed institutions or anyone who has access to any record from giving, producing, divulging, revealing, publishing or disclosing any information or document related to the affairs or account of a customer without the customer's consent.
Shahril, however, said the bad hats among customers could be exposed provided the information on them was revealed through the proper channels and due process of the law.
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