Invasion of banking privacy??

While it is good to read that the Govt is earnestly doing its best to help the needy, >> Rejected applicants of BR1M told to check with IRB, something that is said by the BN spokesman may give rise to some concern, in the area of personal and informational privacy. I quote, " However, there were also some found to be ineligible although their documents state otherwise. There are 12 agencies, including banks working together to verify the applications. “Most of these cases involve traders whose records show an income of below RM3,000 but have a heavier cashflow into their bank accounts regularly,”

As far as most of us understand, information in the banks regarding customers' account and transaction details are strictly confidential and may not be divulged to any other party under any circumstances, and to the IRB only on specified reasons like investigations for tax evasion and non payment. As such, whether under the provisions of the banking laws or the Income Tax Act, are the banks obliged to provide details of "heavy cashflow" of its clients to the IRB??

I think this is the reason for the initial fears of the public when the IRB was tasked with the job of dispensing the RM500 under the BR1M. Now it seems that the IRB may have exceeded its powers. Have our privacy laws been breached here?

I think some clarification is due from the political parties involved.