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Banking Secrecy

The term banking secrecy is synonymous with banking confidentiality and refers to the customs, practices, and laws that protect private information belonging to individual customers of financial institutions, such as commercial banks, savings institutions, investment funds, and insurance companies. It does not pertain to aggregated customer information or the operating figures and financial statements of any particular bank, group of banks, or banking system—especially when such information is needed by regulators to ensure sound financial systems. Over hundreds of years, rules, regulations, laws, statutes, and court decisions related to privacy protection have defined the information that can be disclosed and the procedures that should be followed. Due to the depth, breadth, and variety of international customs, practices, and laws, privacy protections can vary substantially ...

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