ISLAMABAD – State Bank of Pakistan (SBP) has warned all the commercialbanks across Pakistan.
SBP has observed that customers’ information is being accessed byunauthorized persons within the banking system. It has ordered commercialbanks to ensure the secrecy of customers and their data to reinforce thecontrol and checks of the banking system as per law.
The centralization of core banking systems of banks has now made customers’data accessible across the bank. This access, however, needs to be suitablymanaged to ensure that only authorized officials access this confidentialdata for specified purposes.
Instances of accessing customer related information by irrelevant bankofficials and divulging of same to unauthorized persons have been noted.Such practices on part of banks/DFIs are not appropriate and have beenviewed seriously.
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Section 33A of the Banking Companies Ordinance, 1962, inter alia, requiresthat a bank/financial institution shall not divulge any informationrelating to the affairs of its customers.
