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 ?
Current bank privacy laws can make it difficult for financial institutions to report suspected fraud to the proper authorities.
The remaining accounts are classified as "numbered accounts" where the name of the account holder is kept secret and are identified through a code word known only by the account holder and a restricted number of bank employees, thus providing account holders with a degree of bank privacy in their financial transactions.
Arguments such as bank privacy or commercial or trust secrecy cannot be used to deny the electoral authorities access to information," he says.
A withholding tax means the Swiss will not automatically share account information with Germany, preserving some of the bank privacy that has been crucial to building up Switzerland's $2 trln offshore wealth management industry.
Even so, Union Bank cannot comment on much of the case because it is precluded from doing so by federal bank privacy regulations.
We've heard complaints from customers that if it's black and white and boring people won't read them," says the Sovereign Bank privacy officer.