Friday, June 4, 2010

News update Ex-bank officer jailed He tried selling mailing lists of banks' clients to businesses

By Khushwant Singh
Lucas Lin Han Tian broke banking secrecy laws and on Friday, the 26-year-old was jailed four weeks for disclosing confidential information belonging to his bank to accomplice Mahesalingam Kanasalingam, in 2008.

IN THE first case of its kind to appear before the Singapore courts, a former personal financial consultant with Standard Chartered Bank was tried for attempting to sell confidential details of clients to marketing companies like spa chains and insurance firms targeting high nets worth customers.

The sale of such mailing lists or leads is prevalent around the world and is largely responsible for unsolicited direct mailers and spam e-mail.

But Lucas Lin Han Tian broke banking secrecy laws and on Friday, the 26-year-old was jailed four weeks for disclosing confidential information belonging to his bank to accomplice Mahesalingam Kanasalingam, in 2008.

He was also fined $10,000 for his role in passing on personal and financial particulars of clients of United Overseas Bank (UOB) in the same year.

He pleaded guilty last week. Mahesalingam, 28, has been charged but the case has yet to be heard.

Lin could have been jailed up to three years and fined $125,000 for each of the two offences
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