Jamaica Bankers Association objects to telling customers why they are collecting their info
The Jamaica Bankers Association (JBA) has suggested some of the proposed requirements under the Data Protection Act will make conducting business with banks more complex for customers.
The claim was made by David Garcia, who represented the JBA at yesterday’s sitting of the committee examining the bill, which is the accompanying regulation for the National Identification System (NIDS).
Garcia said requiring deposit-taking institutions to inform customers the purpose for which their information is being taken would be burdensome.
He noted that deposit-taking institutions already request information from customers for a range of purposes, such as risk management, for anti-money laundering and marketing.
However, he said if the banks had to explain why they need the information it would mean another lengthy document to be read by customers.
However, chairman of the committee, Dr Andrew Wheatley, questioned whether it was that the banks do not want to inform customers about why they take their information.
Garcia explained that code of conduct under the Banking Services Act require that documents for the opening of accounts should be short and simple.
However, committee member, Julian Robinson, said he was at a loss about the complications the banks are predicting.