Home >  Term: banking secrecy
banking secrecy

An obligation on the part of banks and their employees to keep customer data confidential. In Switzerland, the violation of banking secrecy is a public offence under Article 47 of the Banking Law. However, under the law governing criminal procedure and other legal provisions, the banks have an obligation to provide the authorities with information and testify before them.

0 0

Creator

  • Stefan K
  •  (Gold) 3207 points
  • 100% positive feedback
© 2024 CSOFT International, Ltd.