Bank Secrecy

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Bank Secrecy

 

the withholding of information about the transactions, accounts, and deposits of the clients of banks and other credit institutions. Guaranteeing bank secrecy is the duty of credit institutions; they give out information about transactions, accounts, and deposits only in cases indicated in the laws. In the USSR, the proprietors of accounts (deposits), their representatives, higher organizations, and also judicial, investigatory, and financial organs (the latter only for transactions and accounts of juridical persons) have the right to such information. The regulations of banks and savings banks in the USSR stipulate that it is the obligation of the employees of these institutions to maintain secrecy concerning transactions, accounts, and deposits.

References in periodicals archive ?
According to the anonymous banking specialist, perhaps the best-kept secret in the whole affair is that restructuring loans isn't quite the daunting task it has been made out to be.
Brian Krebs, a security news and investigation blogger, reported an anonymous banking source said that "Chick-fil-A locations across the country were impacted, but that the bulk of the fraud seemed concentrated at locations in Georgia, Maryland, Pennsylvania, Texas and Virginia.
The newspaper cited an anonymous banking official who said that credit cards are more vulnerable to theft because no pin number is required, unlike ATM cards.