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Financial Information Release Form for Malaysia

Financial Information Release Form Template for Malaysia

A comprehensive legal document governed by Malaysian law that authorizes the release and sharing of specified financial information from financial institutions to designated recipients. The document complies with the Personal Data Protection Act 2010, Financial Services Act 2013, and other relevant Malaysian banking regulations. It includes detailed provisions for consent, scope of information release, purpose specification, and data protection requirements, ensuring secure and compliant financial information sharing while protecting the rights of all parties involved.

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Financial Information Release Form

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What is a Financial Information Release Form?

The Financial Information Release Form serves as a critical document in Malaysian financial operations, enabling authorized sharing of financial information while ensuring compliance with strict data protection and banking regulations. This document is essential when financial institutions need to share customer information with third parties, whether for loan applications, audit purposes, or other legitimate business needs. The form must comply with the Personal Data Protection Act 2010, Financial Services Act 2013, and relevant Bank Negara Malaysia directives. It includes comprehensive details about the scope of information to be released, the duration of authorization, and specific usage permissions, while incorporating necessary safeguards to protect the account holder's rights and privacy.

What sections should be included in a Financial Information Release Form?

1. Parties: Details of the account holder (information owner) and the financial institution holding the information

2. Background: Brief context explaining the purpose of the information release form

3. Definitions: Key terms used in the document including 'Financial Information', 'Authorized Recipients', 'Purpose of Disclosure'

4. Scope of Authorization: Detailed description of what financial information is authorized for release

5. Purpose of Disclosure: Clear statement of the specific purpose(s) for which the information may be released

6. Duration of Authorization: Period for which the authorization remains valid

7. Data Protection Acknowledgment: Statement acknowledging understanding of data protection rights under PDPA 2010

8. Consent Declaration: Express consent statement for information release

9. Revocation Rights: Terms under which the authorization can be revoked

10. Execution: Signature blocks and witnessing requirements

What sections are optional to include in a Financial Information Release Form?

1. Corporate Authorization: Additional section required when the account holder is a corporate entity, including board resolutions and authorized signatories

2. Third Party Authorization: Required when information is to be released to third parties beyond primary financial institutions

3. Specific Regulatory Compliance: Additional declarations required for specific regulatory requirements (e.g., AMLA compliance)

4. International Transfer Provisions: Required when financial information may be transferred outside Malaysia

5. Confidentiality Obligations: Additional confidentiality requirements for recipients of information

What schedules should be included in a Financial Information Release Form?

1. Schedule 1 - Details of Financial Information: Itemized list of specific financial information authorized for release (e.g., account statements, credit information, transaction history)

2. Schedule 2 - Authorized Recipients: List of specific individuals, institutions, or entities authorized to receive the financial information

3. Schedule 3 - Purpose Declaration: Detailed description of specific purposes for which information may be used

4. Appendix A - Required Identity Documents: List of identity verification documents required to be attached to the form

5. Appendix B - Corporate Authorization Documents: Templates or requirements for corporate authorization documents where applicable

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Malaysia

Cost

Free to use
Relevant legal definitions

























Clauses




















Relevant Industries

Banking

Financial Services

Insurance

Investment Management

Real Estate

Corporate Services

Legal Services

Accounting

Audit

Tax Advisory

Wealth Management

Credit Services

Mortgage Services

Relevant Teams

Legal

Compliance

Risk Management

Operations

Customer Service

Data Protection

Financial Control

Corporate Secretariat

Audit

Banking Operations

Relevant Roles

Compliance Officer

Legal Counsel

Data Protection Officer

Risk Manager

Banking Operations Manager

Financial Controller

Account Manager

Credit Analysis Manager

Audit Manager

Corporate Secretary

Financial Services Director

Banking Relations Manager

Customer Service Manager

Operations Director

Privacy Officer

Industries






Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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