Legal Organization of Cases of Disclosure in Crimes of Non-Concealment of Banking Secrets A Comparative Study

Abstract

Abstract: Banks commit to maintaining the banking secrecy of their clients and refraining from disclosing it to others, considering it entrusted to them. Therefore, banking secrecy is a significant legal topic related to banking operations and modern economic systems. The bank's obligation to keep confidential the facts and data it becomes aware of in the course of its banking activities is balanced by the client's right to safeguard their secrets. By the nature of its work, the bank acquires detailed information about the wealth, activities, and transactions of its clients and others, including personal and familial information, thereby becoming a custodian of these secrets. Legislation, judicial precedents, and customs worldwide agree that banks are obligated to maintain the secrecy of information and facts related to their clients' economic activities that come to their knowledge. Laws also require external individuals who access these secrets due to their professions, such as judges, auditors, tax inspectors, and central bank employees, to uphold confidentiality. Violation of this duty constitutes a disclosure crime. However, there are legal exceptions that allow banks not to comply with the duty of confidentiality towards their clients' banking secrets. These exceptions occur when the client's interest in maintaining their financial secrets conflicts with other public or private interests that are deemed more important. This study seeks to explore these exceptions and define the corresponding legal penalties for each case. © 2023 TUJR, College of Law, Tikrit University