The Monetary Authority of Singapore (MAS) is looking into a case of UOB improperly disposing documents found at Boat Quay, as reported by The Straits Times.
According to the article, MAS will not hesitate to take disciplinary action against banks which fail to protect its consumer’s personal information.
The Monetary Authority of Singapore will work with the Personal Data Protection Commission (PDPC) in reviewing the matter. In a statement to Marketing, a UOB spokesperson assured that the bank takes any breach of customer confidentiality seriously.
“We have a strict policy and procedures in place which govern the secure handling and disposal of confidential and sensitive information. Any staff or vendor found in breach of the policy and procedures will be dealt with accordingly,” the spokesperson told Marketing.
According to PDPC’s guide for the disposal of physical documents in paper form which are no longer needed, shredding or other appropriate means is advised. Most disposal methods can be carried out in-house by the organisation itself or by an external third party service provider.
The guides can be viewed here.