Fine for leaking credit info of bank clients

Manama : MPs yesterday passed a law decree to impose a fine of BD100,000 for leaking credit information of bank clients.

The approval came as majority of lawmakers voted for the decree during their weekly session yesterday, despite some opposing voices.

The rejecting MPs had reservations on not specifying the parties that would be subjected to the “huge” fine.

Parliamentarians discussed the matter, which was included in a report of the council’s Economic and Financial Affairs Committee. The committee passed the law decree after studying it in coordination with the Central Bank of Bahrain (CBB).

“The fine will be increased to BD100,000 instead of the existing BD2,000. This will contribute in the protection of bank clients’ privacy and security,” the committee said in its report.  

Commenting on the matter, MP Majeed Al Asfoor said, “Some of the articles in the decree need to be amended. Imposing a BD100,000 fine on anyone is a high charge. There must be more specification.”

A few MPs also shared the same thoughts of Al Asfoor and some of them rejected voting on the law decree.

On his part, Parliament and Information Affairs Minister Isa bin Abdulrahman Al Hammadi emphasised the importance of increasing the fine, as he stressed that it will benefit citizens and residents.

“This would contribute in protecting bank clients’ privacy. The same procedures are currently being generalised among fellow GCC countries,” he added.

Committee member Ahmed Qarata said, “Bahrain is an international financial centre and is specifically a hub of Islamic banks. Such amendments to the law are needed to cope with the rapid developments that are witnessed by the international banking communities. This will serve the exchange of banking and financial information among GCC countries and international banks.”

The law decree has been referred to Shura Council for approval.