ADVISORY COLUMN: BUSINESSWISE

The Businesswise column titled “Bank Customer Feels Naked and Exposed” published February 3, 2019, triggered a flood of responses from members or the public who fear being stripped of their right to privacy by the catch-all nature of the Bank of Jamaica’s anti-money laundering and anti-terrorism regulatory guidelines.

Here are just eight of the responses, most of which were shared publicly via social media:

◆ I asked a bank the other day to sign a NDA [Non-Disclosure Agreement] before I shared the requested private financial data on my company. They told me they aren’t required to do so. Fine and all, but what guarantees do I have that this will not end up in the wrong hands?

◆ I continue to receive alerts every single time some other person with a similar name as mine uses their ATM card for a withdrawal or transaction. Despite my requests to stop it.

◆ A representative from the bank called to ‘verify’ some professional information on my LinkedIn profile. This wasn’t even my personal banking officer. I am not a new customer. I was not seeking a loan. I was shocked and disgusted that they could be so intrusive.

◆ I submitted my Jamaican passport & driver’s licence as proof of identification and the bank asked for my naturalization certificate as well. How come?

◆ Keep in mind, data is the new oil … that data the banks are collecting is worth a lot.

◆ Banks send me other people’s card use by text & have sent my hard copy confidential mail to random addresses despite numerous applications for a change of address. Why am I so powerless?

◆ “I’ve been trying to change the home address my confidential statements are sent to from XYZ bank since 2012. I have gone into the bank. I have sent secure messages. I have called by phone. I have GIVEN UP. #Powerless.

◆ Heard a story about someone sharing a business plan with a local bank for funding & have it rejected only to see it pop up elsewhere. Is it really a safe space?

http://jamaica-gleaner.com/article/business/20190217/yaneek-page-keeping-consumer-data-private#.XGq_hfiy200.email