Bank secrecy provisions

Tax Glossary Definition

Bank secrecy provisions

Bank Secrecy Provisions – Legal and regulatory measures that safeguard the confidentiality of clients’ banking and financial information, prohibiting disclosure to third parties unless authorized by the customer or mandated by law. While these rules protect individual privacy, they can be lifted in cases involving tax enforcement, money laundering, or judicial proceedings.

Example: A bank cannot share details of a client’s account without consent, except when compelled by a court order or tax authority during an official investigation.

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