Management of Customer Information and Permitted Disclosures

Financial service providers (FSPs) handle a substantial amount of customer information in the course of delivering financial services and products. The proper management of this information is essential to building public trust and confidence, as well as mitigating reputational risk to FSPs. It is therefore critical for FSPs to safeguard customer information against theft, loss, misuse, or unauthorised access, modification, or disclosure by any means, including both verbal and written forms.

This Policy Document outlines Bank Negara Malaysia’s (BNM) requirements and expectations regarding FSPs’ measures and controls in handling customer information throughout its lifecycle. This includes the collection, storage, use, transmission, sharing, disclosure, and disposal of customer information, in accordance with laws administered by BNM such as the Financial Services Act 2013 (FSA), Islamic Financial Services Act 2013 (IFSA), and the Development Financial Institutions Act 2002 (DFIA).

This Policy Document also sets out the conditions specified by BNM relating to the disclosure of customer information, in line with permitted disclosures under Schedule 11 of the FSA and IFSA, as well as the Fourth Schedule of the DFIA.

This document belongs to Bank Negara Malaysia (BNM). Full access to the original source is available here: https://www.bnm.gov.my/banking-islamic-banking