Bankers watching lawsuit closely

PRESIDENT OF the Bankers’ Association Richard Young said yesterday he is keeping a close watch on the recent lawsuit by a kidnap victim against a local bank.

A man is seeking an injunction restraining the bank from using confidential information on his business transactions. “The issue is obviously something that I look at with a lot of interest, and I have to get the details before I can really comment,” Young said after the launch of upgraded currency notes at the Central Bank, “but it is obviously something the banking industry must look at with a lot of attention.”

Barataria/San Juan MP Dr Fuad Khan has alleged that there is a link between account information and kidnapping. Young, in response, said banks are not the only possible sources of information leaks. “Leakage of information is a general thing. People automatically assume it comes from the bank, but I don’t know if people pay a lot of attention to how they divulge information,” he said. “It could be just a discussion in an elevator. People talk other people’s business. It’s a lot of those kind of things that happen so to just say it’s the bank I think is a little unfair.”

Young also said banks are trying to counter possible leaks by training staff. “Our employees have been told how important it is to maintain confidential-ity. We all work with a code. We all understand how important it is and obviously people are more sensitive to it and the atmosphere is, I wouldn’t say under tension, but more cautious,” he said. “We tightened up on our hiring procedures and all staff are constantly reminded how important it is to keep matters confidential.”