MEMBER FIRM OF BAKER & MCKENZIE INTERNATIONAL Data Protection Kuala Lumpur In This Issue: Personal Data Protection Code of Practice - Banking and Financial Sector www.wongpartners.com For further information please contact Wong & Partners Level 21, The Gardens South Tower, Mid Valley City, Lingkaran Syed Putra, 59200 Kuala Lumpur Chew Kherk Ying Partner +603 2298 7832 firstname.lastname@example.org Chen Hong Sze Associate +603 2298 7918 email@example.com Client Alert October 2015 D e c e m b e r D Personal Data Protection Code of Practice – Banking and Financial Sector Background The Personal Data Protection Act 2010 ("Act") permits the Commissioner of Personal Data Protection ("Commissioner") to designate codes of practices for specific sectors / industries. The Personal Data Protection Code of Practice for the Banking and Financial Sector ("Code of Practice") was released for public consultation in June 2015 and members of the public were requested to submit their feedback by 22 September 2015. The Code of Practice along with the feedback received is currently under review by the Commissioner, and the Commissioner has indicated that it is aiming for the Code to be finalised and registered by early 2016. Key Highlights Among other points, the Code of Practice deals with the following: explicit consent can be obtained via the conduct of a data subject provided that appropriate Notice and Choice has been given; the Act also applies to personal data that relates to inactive, closed, dormant or archived accounts and where data is held in electronic archives and/or in backup media and data users are required to have retention policies which ensure that access is restricted to authorised personnel and such data is eventually destroyed; and direct marketing does not include communications to customers in respect of renewal of services/facilities already subscribed to, and marketing materials that are sent to all customers of an organisation or to an entire category/type of customers. The Code of Practice also includes a section on compliance and monitoring in respect of compliance with the Act and the Code. The Code of Practice, once finalised and registered, would provide banks and financial institutions with clearer guidance on how to interpret and apply the provisions of the Act. ©2015 Baker & McKenzie. All rights reserved. Wong & Partners is a member firm of Baker & McKenzie International, a Swiss Verein with member law firms around the world. In accordance with the common terminology used in professional service organizations, reference to a "partner" means a person who is a partner, or equivalent, in such a law firm. Similarly, reference to an "office" means an office of any such law firm. This may qualify as “Attorney Advertising” requiring notice in some jurisdictions. Prior results do not guarantee a similar outcome.