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Published in conjunction with the International Bar Association, the second edition of Bank Confidentiality deals with papers presented in May 1997 at the IBA's Annual International Financial and Banking Law Seminar of the Section on Business Law.Greatly expanded, it now includes, in addition to papers from all countries of the European Union, papers from three countries on the eastern edge of the European Union, as well as a paper from Singapore (which also deals with the situation in Malaysia) to make it an important and detailed reference source in this area.Edited by a high-profile City practitioner, it emphasises trends mentioned in the first edition which are now clearly established, such as the erosion of banking secrecy in the light of the introduction of money laundering legislation.This unique comparative study presents a lively discussion of the issues involved which results in an easily digestible survey of this complex subject.
Neate and Godfrey: Bank Confidentiality deals with the topical subject of the duties or obligations of confidentiality or secrecy which banks owe to their customers in 37 countries around the world. The ways in which banks may be obliged to disclose information in court proceedings or to assist the authorities in combating money laundering or the funding of terrorism and wider international anti-money laundering initiatives are also considered. Since the financial crisis in some jurisdictions, politicians have been increasingly keen to reduce levels of bank secrecy. Conversely there is also pressure to protect customers' information and prevent identity theft.Each chapter sets out the basic rules of confidentiality - the nature, extent and source of those rules - and examines their civil and criminal nature, the remedies available for breach of those obligations and the extent to which conflicts of interest arise and how data protection legislation operates in relevant jurisdictions. Each contributor then analyses these issues in the light of statutory and non-statutory frameworks of civil and criminal law in their jurisdiction.
An insight into bank secrecy in major jurisdictions, complemented by chapters on privacy, data protection, conflict of laws and exchange of information.
The duty to keep customer information confidential affects banks on a daily basis. Bank secrecy regimes around the world differ and multi-national banks can find themselves in conflicted positions with a duty to protect information in one jurisdiction and a duty to disclose it in another. This problem has been heightened by the international trend promoting information disclosure in order to combat tax evasion, money laundering and terrorist financing. The US Foreign Account Tax Compliance Act (FATCA) is perhaps the most well-known. At the same time, data protection legislation is proliferating around the world. This book offers a holistic treatment of bank secrecy in major financial jurisdictions around the world, east and west, by jurisdictional experts as well as chapters by subject specialists covering the related areas of confidentiality in its broader privacy context, data protection, conflicts of laws, and exchange of information for the purposes of combatting international crime.
This guide offers a country by country description of legal provisions and current practice relating to the operation of bank accounts. The Swiss banking system is examined and guidelines on how to open and run a secret account is also covered and samples of documents are included.
The Financial Crimes Enforcement Network (FinCEN) relies extensively on its own computer systems, as well as those at the IRS to administer the Bank Secrecy Act (BSA) and fulfill its mission of safeguarding the U.S. financial system from financial crimes. Effective info. security controls over these systems are essential to ensuring that BSA data, which contains sensitive financial info. used by law enforcement agencies to prosecute financial crime, is protected from inappropriate or deliberate misuse, improper disclosure, or destruction. This report evaluated whether security controls that effectively protect the confidentiality, integrity, and availability of the info. and systems that support FinCEN's mission have been implemented. Illus.