El Universal: Venezuelan banks ought to provide customers’ data

June 1, 2012 9:23 am0 commentsViews:

The Banks Superintendence (Sudeban) has set July as the deadline for the supply of the additional data from financial institutions as required by the new Overall Financial Information System (SIF).

The SIF contains a number of “atoms” including data that should be provided by bankers; it significantly widens up the supplied information compared with the former system, known by banks as ROCA.

Atom fourteen is among the most worrisome ones for banks. In addition to the requirements of ROCA (ID number, gender, type of account, business, name), banks should provide the Superintendence with the account code of each client, the bank branch which holds the account, date of birth, profession and date of opening of the account.

Add to this atom four, which requires data related to individuals and corporations that have been the recipients of loans.

Specifically, the Tax Registry Number is required, in addition to the “actual address of the taxpayer if an individual,” business and citizenship.

Ending May, banks had supplied 82% of the required information; larger financial institutions are falling behind for considering that such data undermine the protection that should be ensured to customers.

Bankers claim to be worried about the possibility of information leakage and undue use.

Original Article