Privacy Policy

April 11, 2023

INTRODUCTION

Pacific Regional Bank respects and values your right to privacy with utmost importance. We would like to inform you that we are taking the necessary steps for the protection and security of your personal information and of your use of our services. The Bank guarantees that we are compliant with all the requirements mandated by law, as well as with the generally accepted global data protection standards and regulations. The Bank ensures continued protection of your personal information with our organizational, physical, and technical measures for data protection, including policies for evaluation, monitoring, and review of operations and security risks. This Privacy Policy informs you of updates in our corporate policies regarding the collection, use, storage, disclosure, and disposal of personal information we receive and collect from the Bank customers, payees, users, and any individual who communicate, raise inquiries and concerns, as well as transact with us through our authorized representatives, bank branches, official websites and platforms, and web-based applications and channels. This Privacy Policy shall be subject to changes in our policies and the law. We shall notify you of the changes by posting in our website and other means of communication for your information and reference.

YOUR PRIVACY AND THE LAW

Personal Information refers to any information, whether recorded in a material form or not, from which the identity of an individual is apparent or can be reasonably and directly ascertained by the entity holding the information, or when put together with other information would directly and certainly identify an individual. Sensitive Personal Information is any attribute of your personal information that can discriminate, qualify, or classify you such as your age, date of birth, marital status, government-issued identification numbers, account numbers, and financial information. Privileged Information is any and all forms of information which, under the Rules of Court and other pertinent laws, constitute privileged communication (i.e. lawyer-client, priest confessor, doctor-patient).

Under the Data Privacy policy of PRB, you have the following rights: (1)Right to be informed – you may demand the details as to how your personal information is being processed or have been processed by the Bank, including the existence of automated decision-making and profiling systems; (2) Right to access – upon written request, you may demand reasonable access to your personal information, which may include the contents of your processed personal information, the manner of processing, sources where they were obtained, recipients and reason of disclosure; (3) Right to dispute – you may dispute inaccuracy or error in your personal information in the Bank systems through our contact center representatives; (4) Right to object – you may suspend, withdraw, and remove your personal information in certain further processing, upon demand, which include your right to opt-out to any commercial communication or advertising purposes from the Bank; (5) Right to data erasure – based on reasonable grounds, you have the right to suspend, withdraw or order blocking, removal or destruction of your personal data from the Bank’s filing system, without prejudice to the Bank continuous processing for commercial, operational, legal, and regulatory purposes; (6) Right to secure data portability – you have the right to obtain from the Bank your personal information in an electronic or structured format that is commonly used and allows for further use; (7) Right to be indemnified for damages – as data subject, you have every right to be indemnified for any damages sustained due to such violation of your right to privacy through inaccurate, false, unlawfully obtained or unauthorized use of your information; and (8) Right to file a complaint– you may file your complaint or any concerns in our Head Office at Ground Floor Lokojabrear Building, Amata Kabua Boulevard, Majuro, Marshall Islands or at bank email address at customercare@pacificregionalbank.com.

COLLECTION AND USE OF YOUR PERSONAL INFORMATION

Pacific Regional Bank collects and processes your personal information only upon your express consent, which refers to any freely given, specific, informed indication of will, whereby you agree to the collection and processing of your personal, sensitive or privileged information. The Bank processes your personal information in accordance with the law, this Privacy Policy, Terms and Conditions, and other legal instruments which you may have entered into with the Bank. As mandated by the RMI Banking Commission, in the usual course of banking business activities, we collect the following personal information from you and about you, including, but not limited to: full legal name, gender, date of birth, nationality, civil status, permanent address, present address, tax identification number and other government-issued identification numbers, mobile number, home number, office contact details, company name, job position or rank, office address, source of funds, gross annual income, among others.

When you provide us with personal information by which you can be reasonably identified, you can be assured that your personal information will be used only in accordance with this Privacy Policy and the relevant Terms and Conditions governing your relationship with us. The Bank collects your personal information from the following sources: 1) your Personal Information Sheet; 2) information we collect about you when you contact us through our authorized representatives in bank branches and contact centers, email, mobile applications or services, and other online and mobile platforms; and) information we collect about you from public records and from other available sources authorized to disclose your information. All the personal information we collect about you may be combined and processed to improve our products, services, and communications with you. The Bank ensures that only authorized employees and third-party service providers, who have undertaken to satisfy our stringent corporate, legal, information security, and data privacy requirements, are allowed to process your personal information. Through your express consent, you agree that we may disclose your personal information to our third-party service providers who perform business operations on our behalf or partners who collaborate with us to provide services to you and business partners that provide joint communications that we hope you find of interest.

By registering, signing in to, or using the Bank’s consent forms in our products, services, web platform and applications, you authorize and consent to the processing, sharing and/or transferring by the Bank of your Personal Information relating to your accounts with us for specified purposes which in all cases are in compliance with or pursuant to the Bank’s legal or contractual obligations:

1. Government regulatory agencies, credit information or investigation companies, financial institutions, credit bureaus, other banks, credit card companies, loyalty program partners, consumer reporting or reference agencies such RMI Banking Commission and other financial institution for the purpose of credit investigation, consumer reporting, or for reports of your credit history and account updates;
2. Third persons, correspondent banks, service providers and entities as the Bank deems necessary, to enable the Bank to service your account/s and to provide all the existing features of your account/s, the Bank’s products, services, facilities, and channels, and any future enhancements thereto or to assist the Bank in the processing of your data, including its collection, recording, organization, storage, management, protection, updating or modification, retrieval, consultation, use, consolidation, blocking, erasure, or destruction;
3. Third parties engaged by the Bank or by its subsidiaries or affiliates for the purpose of direct or indirect marketing to offer selected products and services which may interest you unless specifically instructed otherwise in writing;
4. Insurers, Insurance brokers, or providers of deposit or credit protection or protection against all kinds of risks;
5. RMI Banking Commission, which mandates the Bank to conduct random verification with the Bureau of Internal Revenue in order to establish authenticity of the Income Tax Return (ITR), accompanying financial statements and such other documents, information, and data;
6. The RMI Banking Commission, which mandates the Commissioner to inquire into the bank accounts of the following taxpayers: a) a decedent in order to determine his gross estate; b) a taxpayer who has filed an application to compromise his tax liability on the ground of financial incapacity; and c) a taxpayer, information on whose account is requested by a foreign tax authority;
7. Cases under the Anti-Money Laundering Act of 2002, when there is probable cause that the deposits or investments involved are in anyway related to an unlawful activity or a money laundering offense;
8. Regulatory authorities when such other persons or entities the Bank may deem as having authority or right to such disclosure of information as in the case of regulatory agencies, government or otherwise, which have required such disclosure from the Bank and when the circumstance so warrant;
9. Other related and applicable laws and regulations, subject to your right to information under the Data Privacy Act, which legally mandate the Bank to obtain and disclose your personal information to government regulatory agencies and consumer reporting or reference agencies, subject to your right to information under the Data Privacy Act.

Your personal information you provided to the Bank shall only be used for the purpose of service and product delivery you consented to, subject to the Terms and Conditions you agreed to. With your express consent, you may agree and authorize the Bank to share your personal information with private entities subject to mandatory disclosure pursuant to government and public functions. In all instances, we process and/or disclose your personal information in accordance with the Data Privacy Act and its Implementing Rules and Regulations.

DATA STORAGE

It is the policy of the Bank that all systems and storage medium or repositories that store customer data shall have completed the appropriate information security, risk, legal compliance, and privacy impact assessments. Your personal information shall only be stored in the Bank managed environment. Physical copies of documents containing your personal information shall be stored in physical vaults in a sealed and secure manner. All systems or storage medium or repositories which are used and will be used in the future to store your personal information are and will be duly approved and registered with the RMI Banking Commission and other regulatory agencies, as the case may be.

DATA ACCESS AND RETRIEVAL

Access refers to a user’s capacity to access or retrieve data stored within a database or other repository. Your personal information can only be accessed and retrieved by authorized personnel of the Bank and only pursuant to a legitimate business purpose, in accordance with the consent you have provided us. Remote connectivity to any Bank- managed environment is only through Virtual Private Network or Access Gateway technology solutions that will enable us to enforce security controls required to protect your personal information.

DATA RETENTION

Regulation and legitimate bank business purpose and policy define the data retention period of your personal information. Pursuant to Section X169 of the Banking Act 1987 issued by RMI Banking Commission, transaction records shall be maintained and safely stored for six (6) years from the date of transaction except where specific laws and/or regulations require a different retention period, in which case, the longer retention period is observed. Pursuant to the RMI Banking Commission, documents pertaining to your billing statements, which indicate taxable transactions shall be preserved for six (6) years. Further, the Bank keeps your personal information as long as it is necessary: a) for the fulfillment of the declared, specified, and legitimate purposes provided above, or when the processing relevant to the purposes has been terminated; b) for the establishment, exercise or defense of legal claims; or c) for legitimate business purposes, which shall be in accordance with the standards of the banking industry.

DATA DISPOSAL

The Bank has established mechanisms for secure disposal of data from the Bank’s systems after the data is no longer required by the business for any legitimate purpose and activity. After the defined retention periods, the Bank shall dispose your personal information in a secure manner in order to prevent further processing, unauthorized access, or disclosure to any other party

PERSONAL DATA BREACH MANAGEMENT

Personal Data Breach refers to a breach of security leading to the accidental or unlawful destruction, loss, alteration, unauthorized disclosure of, or access to, personal data transmitted, stored, or otherwise processed. A Personal Data Breach shall be subject to notification requirements under the following conditions:

1. Compromised data involves personal data that may be used to enable identity fraud;
2. There is reason to believe that the information may have been acquired by an unauthorized person; and
3. The unauthorized acquisition is likely to give rise to a real risk of serious harm to any affected data subject.

The Bank shall notify the RMI Banking Commission and affected Customers in case of breach within 72 hours upon knowledge of or reasonable belief by the Bank or our third party processor that a personal data breach has occurred. If such event occurs, we shall notify you, through a secure means of communication, of the nature of the breach, your personal information possibly compromised, measures taken to address the breach and reduce negative consequences, contact details of government authorities concerned who can assist you in mitigating the possible ramifications that can compromise you and your right to privacy. For inquiries, complaints, and other concerns, you may address them in writing to the customercare@pacificregionalbank.com