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 ?
It also includes information on bank secrecy and other secrecy obligations, international agreements, statutory measures, the situation in the U.
The department is expected to hand down the new Bank Secrecy Act regulations by the end of the summer.
DCI also released BSA Navigator[TM], a Bank Secrecy Act (BSA) compliance software solution developed through a strategic alliance with Alpharetta, Ga.
The Swiss government decided on Wednesday to launch talks with other nations on the automatic exchange of account details, which could soon put an end to bank secrecy.
The federal banking and thrift institution agencies, along with the Financial Crimes Enforcement Network (FinCEN), announced on July 18, 2005, registration details for the upcoming outreach events related to the Bank Secrecy Act/Anti-Money Laundering Examination Manual (BSA/AML Examination Manual) that was released on June 30, 2005.
The new regulations, which the Treasury's Financial Crimes Enforcement Network will administer, amends and adds provisions to the Bank Secrecy Act, which governs most of the registration, recordkeeping, reporting and control obligations financial institutions and individuals, including CPAs, have with respect to money laundering.
If a referendum were held today on bank secrecy, chances are the majority of Swiss would vote in favor of keeping it, as they did on the last vote in 1984.
WASHINGTON, May 26 /PRNewswire/ -- The Independent Bankers Association of America (IBAA) today told Congress that the Bank Secrecy Act contributes greatly to the regulatory burden, while doing little to combat money laundering.
The ratings also incorporate CATY's successful integration of GBC Bancorp, acquired several years ago, and the satisfactory resolution of its Memorandum of Understanding (lifted in 3Q05) pertaining to compliance with the Bank Secrecy Act.
Global Banking News-August 13, 2014--Philippines' BIR defines limits of Bank Secrecy Law
The federal banking and thrift institution agencies, along with the Financial Crimes Enforcement Network (FinCEN), announced registration details on August 8, 2005, for a live webcast of the Bank Secrecy Act/Anti-Money Laundering Examination Manual outreach event that was held in New York on August 22, 2005.
To fully understand their part in the fight against money laundering, CPAs should familiarize themselves with the provisions of the Bank Secrecy Act (BSA, Titles I and II of Public Law 91-508) and related regulations (31 CFR Part 103), the federal "Money Laundering Laws" (18 U.