What is bank privacy
When carrying out financial activity, many people prefer high levels of bank privacy in order for banking operations to be conducted in the strictest confidence. Bank privacy ensure that customers’ personal information is safeguarded from authorities.
DeltaQuest offer professional advice and guidance on selecting the right location and services suited to your banking needs. To learn more about the various jurisdictions worldwide that offer high levels of bank privacy, please Contact DeltaQuest.
Bank privacy explained
Bank privacy is a legal principle available in many jurisdictions. Bank privacy is essentially an agreement whereby banks and other financial institutions are not permitted to provide authorities with any personal or account information related to their customers. Therefore if you wish to conduct financial activity within a stringent and highly private environment, finding a jurisdiction that offers high levels of bank privacy and confidentiality is recommended.
Bank privacy is not entirely conclusive however, as under certain conditions, additional information may need to be provided. For example, if a criminal complaint has been filed against someone, the bank must provide certain information to authorities. In addition, depending on the jurisdiction in which you hold an account, the amount of privacy you are afforded may be limited. This is particularly so within the EU, as the EU Savings Tax Directive of 2005 require by law that certain information be made available.
If you set up an account that is not affected by this directive, then your assets and any income you derive from them will be afforded a certain level of privacy. Although absolute secrecy cannot necessarily be guaranteed, you will still be offered very high levels of confidentiality.
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