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Anti-Money LaunderingBanking Confidentiality Versus Disclosure

Anti-Money Laundering: Banking Confidentiality Versus Disclosure [This chapter deals with the well-established doctrine of banking confidentiality, which applies to all banking transactions across the world. The banking sector is the most attractive area for ML activities/transactions and will therefore be analysed in the following chapters. The sector, out of all reporting entities, also submits the majority of SARs/STRs on ML to the national FIU annually, as analysed in Chaps. 6 and 9. The submitting of SARs/STRs can conflict with the principle of banking confidentiality since such reports contain information about a customer’s bank account and financial affairs, which might lead to criminal or civil liability being imposed. The main objective of this chapter is to justify on which legal grounds SARs/STRs can be submitted in a way which does not prejudice the principle of banking confidentiality, ensuring that the principle is respected and safeguarded without it being exploited for ML activities.] http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png

Anti-Money LaunderingBanking Confidentiality Versus Disclosure

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Publisher
Palgrave Macmillan UK
Copyright
© The Editor(s) (if applicable) and The Author(s) 2016. The author(s) has/have asserted their right(s) to be identified as the author(s) of this work in accordance with the Copyright, Design and Patents Act.
ISBN
978-1-137-59454-9
Pages
39 –64
DOI
10.1057/978-1-137-59455-6_3
Publisher site
See Chapter on Publisher Site

Abstract

[This chapter deals with the well-established doctrine of banking confidentiality, which applies to all banking transactions across the world. The banking sector is the most attractive area for ML activities/transactions and will therefore be analysed in the following chapters. The sector, out of all reporting entities, also submits the majority of SARs/STRs on ML to the national FIU annually, as analysed in Chaps. 6 and 9. The submitting of SARs/STRs can conflict with the principle of banking confidentiality since such reports contain information about a customer’s bank account and financial affairs, which might lead to criminal or civil liability being imposed. The main objective of this chapter is to justify on which legal grounds SARs/STRs can be submitted in a way which does not prejudice the principle of banking confidentiality, ensuring that the principle is respected and safeguarded without it being exploited for ML activities.]

Published: Jul 9, 2016

Keywords: Public Interest; Money Launder; Customer Relationship; Confidential Information; Civil Liability

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