Bank Secrecy

Bank secrecy refers to the legal obligation banks have to keep their customers' financial information confidential. It ensures that details like account balances, transactions, and personal data are protected from unauthorized access, fostering trust between banks and clients. While this confidentiality is crucial, it is balanced with legal requirements for banks to report suspicious activities or comply with law enforcement requests related to money laundering, fraud, or other financial crimes. Essentially, bank secrecy maintains privacy but also includes safeguards to prevent misuse of sensitive information to support financial integrity and security.