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The “Banking Secret”, the Right to Privacy, and the Banks’ Duty to Confidentiality

  • Peter KoslowskiEmail author
Part of the Issues in Business Ethics book series (IBET, volume 30)

Abstract

Banks are obliged to maintain confidentiality about their business relationships with customers and about their customers’ accounts. They must preserve banking secrecy or the “banking secret” (Bankgeheimnis) as it is called in German. First and foremost, the “banking secret” is just a subtype of the non-disclosure of facts communicated under confidentiality, and of the general class of professional and business secrets that are equally familiar from the medical profession, for instance, or from brokerage activities in the case of insider knowledge discussed earlier. Banking secrecy is the banking industry’s own brand of professional confidentiality and trade secrecy. Any knowledge the bank comes by in the course of the business relationship must not be used for insider gain, a principle that follows from the fiduciary duty; nor must it be passed to others or publicly disclosed.

Keywords

Money Laundering Banking Secrecy Private Sphere Economic Ethic Swiss Citizen 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

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Copyright information

© Springer Science+Business Media B.V. 2011

Authors and Affiliations

  1. 1.Department of PhilosophyVU University AmsterdamAmsterdamNetherlands

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