One would expect the fast pace of change generally and increasing globalisation to be reflected in an increase in the exceptions to the duties of confidentiality or secrecy owed by banks to their customers.
However, whilst there have been changes in many jurisdictions they have not been as extensive as might have been supposed.
One fairly common reason for the further diminution of bank confidentiality or bank secrecy is the international drive to combat tax evasion, which has been gathering pace.
Conversely there remain concerns about the misuse of confidential information and its protection particularly where personal or sensitive data is concerned.
As a result, in many jurisdictions banks can face a dilemma when they have to deal with differing legal requirements – to keep information confidential or to disclose it.
Neate and Godfrey: Bank Confidentiality, Sixth Edition was published by Bloomsbury Professional in January 2015. Click here for more information.