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Privacy is one of the main issues of concern for bank clients. Let us understand what is included in the concept of bank secrecy, and what is the responsibility of a bank for its unlawful disclosure.
The concept of bank secrecy implies a prohibition on disclosing personal data of clients, their transactions, deposits, credits, accounts. According to the law, each bank must guarantee its customers a bank secrecy.
Disclosure of bank secrecy can be fraught with serious consequences. For example, dishonest partners can withdraw money or inflate the cost of services deliberately after finding out how much money does the entrepreneur have, or, if he has not much money, on the contrary, they can try to put him out of the market, halt supplies, etc.
If a bank discloses confidential information to the third parties or uses it in personal interests, it is considered a violation of bank secrecy. A bank should be brought to responsibility for such actions: from penalty payment to starting a criminal proceeding.
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Also, all bank employees are obliged not to use or disclose the data of which they have become aware while performing their duties.
Today, the UAE is the best jurisdiction among those ensuring confidentiality. All the UAE financial institutions adhere to keeping bank secrecy as the country's legislation provides criminal liability for its disclosure. Besides, the UAE banks are highly protected from the influence of Western authorities.
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