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 ?
EDITORIAL - Bank secrecy exemption !-- -- (The Philippine Star) - July 6, 2019 - 12:00am Once more with feeling, Sen.
Panfilo Lacson has filed a bill seeking to strip government officials and employees of the bank secrecy protection.
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(TMAP) is calling on the 18th Congress to repeal the bank secrecy law so the government could put in place a more effective general tax amnesty system.
President Duterte is willing to sign a measure relaxing the country's bank secrecy law to promote accountability and transparency.
"Especially foreign employees will feel much more comfortable that they are not being exposed to any legal cases about violating Swiss bank secrecy," he said.
KARACHI -- United Bank Limited (UBL) has been directed to strengthen its Bank Secrecy Act and Anti Money Laundering Compliance along with a host of other measures after entering into a new Written Agreement (WA 2018)) with the Federal Reserve Bank of New York (FRBNY) effective July 2, 2018.
economic sanctions, and Bank Secrecy Act and anti-money-laundering requirements.
Kyiv: The National Bank of Ukraine updated the current Rules for Storage, Protection, Use and Disclosure of Bank Secrecy.