Malaysia legislation
Section 47
Section 47
(2)
Notwithstanding section 86, the Bank may disclose, in such manner and to such extent as the Bank thinks fit, the credit information to—
(a)
any financial institution for the purpose of assisting in assessing the creditworthiness of its existing and potential customers or for the purpose of assisting a financial institution to assess the eligibility of a customer to maintain or open a current account with the financial institution being a financial institution authorized by the
Bank to operate a current account, provided that the information disclosed by the Bank shall be secret between the Bank and the financial institution unless the financial institution is requested by a customer to disclose the information in respect of the customer’s account;
(b)
a customer of a financial institution in respect of his own account, or as the Bank thinks fit, to a customer or any person in respect of any account in which such customer or person has incurred any financial obligation, for the purpose of verifying the accuracy of the credit information provided by the financial institution, or for any other purpose as the Bank thinks fit, provided that the information disclosed by the Bank to such customer or person in respect of any account in which such customer
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or person has incurred any financial obligation shall be secret between the Bank and the customer or person concerned;
(c)
any credit reporting agency which is registered under any law relating to credit reporting agencies, as the Bank thinks fit, for the purpose of providing credit reporting or credit assessment services, or for any other purpose as the
Bank thinks fit, provided that the information disclosed by the Bank shall be secret between the Bank and the credit reporting agency and provided further that the consent of the customer shall be obtained for the disclosure of the information in respect of his account;
(d)
such other person as the Bank thinks fit, in order to compile information or data or conduct research for the purpose of giving effect to the objects and carrying out the functions of the Bank under this Act, provided that any publication by the Bank or such other person of the information, data or research shall be consolidated or aggregated and shall not in any manner lead to the identification of any customer of a financial institution to which such information, data or research relate; and
(e)
such other person as the Bank considers necessary in respect of the account of a customer of a financial institution, for any purpose as the Bank thinks fit, provided that the customer of the financial institution has given his or its consent for the disclosure of the information in respect of his or its account.
(3)
No action, suit, prosecution or other proceeding shall lie or be brought, instituted or maintained in any court or before any other authority against the Bank on account of or in respect of any act done or statement made or omitted to be done or made under this section if the act or statement was done or made or omitted to be done or made in good faith.
58 Laws of Malaysia ACT 701
(4)
Any director, officer or employee of the Bank, a financial institution or a credit reporting agency or any person referred to in paragraph (2)(d) or (e) to whom any credit information has been disclosed who fails to comply with the conditions provided for in the same provision commits an offence and shall, on conviction, be liable to a fine not exceeding one million ringgit.
Establishment of body corporate, etc.