Okuzeka
Finance & Banking vocabulary · Regulation & Compliance

Banking secrecy

Meaning in finance & banking, with examples

nounAdvanced term

In finance & banking, banking secrecy means: The legal duty of banks and their staff to keep customers' account and transaction information confidential, except where the law requires disclosure.

In Turkish: banka sırrı, müşteri sırrı, bankacılık gizliliği

How it is used

Used in law, compliance and customer service. Staff must not share customer information, even with family members, without consent or a legal basis. Courts, tax authorities and financial intelligence units can request data where the law allows. International exchange of tax information has narrowed traditional banking secrecy.

Example sentences

  1. I'm sorry, but banking secrecy rules do not allow me to tell you your husband's balance.

  2. Sharing client lists with the marketing agency would breach banking secrecy.

Common collocations

  • banking secrecy
  • breach of banking secrecy
  • customer confidentiality
  • duty of confidentiality
  • complianceFollowing the laws, regulations and internal rules that apply to a bank; also the name of the department that checks that this happens.
  • regulatorA public body that makes and enforces the rules for an industry. Banking regulators license banks, set capital rules and inspect banks.
  • KYCShort for know your customer: the checks a bank makes to confirm a customer's identity, address and source of funds before and during the business relationship.
  • regulatory reportingThe regular submission of financial and risk data by banks to regulators and central banks, in set formats and by set deadlines.

More terms: Regulation & Compliance

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This page explains English vocabulary for learners. It is not financial advice.