PSC worried about media’s access to customers’ banking information

Sep 07, 2016 News

The media’s access to citizens’ bank account information has become a cause for concern among

PSC Head, Eddie Boyer

members of the Private Sector Commission (PSC).
In a recent missive to the media, the body supported the recent call by the Guyana Association of Bankers, regarding banking information being kept confidential by those who have been authorized by law to obtain such information.
In this regard, the PSC said it has observed that the age-old principles, on which the banking system is founded, have been violated in recent times.
The Commission made reference to the amendment of Section 63 of the Financial Institutions Act which mandates that account information must be shared with certain agencies.
The PSC said it is important to note that the “agencies” which receive this information, are similarly bound by the confidentiality rules as are the banks and must ensure that these are respected in order to preserve the integrity of the financial system.
The Commission said that the sort of debacle in which bank account information recently ended up on the pages of newspapers must be avoided at all costs.
Speaking with Kaieteur News, PSC Head, Eddie Boyer said, “I would imagine that if the media gets the information from the agencies which are legally entrusted to have it then it would constitute a breach of confidentiality.”
The PSC head said that bankers are saying that when a customer sees his or her account information in the press, it understandably raises some level of concern.

Central Bank Governor, Dr. Gobind Ganga

Central Bank Governor, Dr. Gobind Ganga also expressed his concerns to Kaieteur News last evening.
Dr. Ganga said that is reasonable to understand that any customer would lose confidence in the banking system if he or she feels that their account is not being guarded as it should be.
He said, “Of course we are concerned about the media’s access to this information. If the customer gives the media this information then we don’t have a problem.”
The Central Bank Governor said, “But if it is not the customer who is doing this then it points to worrying leaks in the banking system. It clearly says that agencies which have taken a vow to protect customer’s accounting information are violating that trust, eroding confidence in the system and violating our financial laws.” (Kiana Wilburg)

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