The issue of protecting confidential payment information is becoming particularly relevant in Belarus. One of the key aspects in this area is banking secrecy, which is a collection of information about customers and their financial transactions stored in banks and other financial institutions. In this article, we will consider the main aspects of banking secrecy in the Republic of Belarus, as well as the specifics of disclosing information that constitutes a bank secret.
What is bank secrecy?
Bank secrecy in Belarus is information about the bank’s accounts, deposits, operations, and customers that is confidential. Its disclosure may lead to legal liability. To protect information that constitutes a bank secret, it is not necessary to enter into any agreements between the bank and its client. Such information is considered protected by default, by virtue of the law.
All employees of the bank and other persons who have obtained access to this information due to their official duties are required to observe bank secrecy. They do not have the right to transfer it to third parties or use it for personal purposes.
At the same time, the legislation provides for cases when the bank may disclose information about the client at the request of state bodies or other organizations. For example, if there is a suspicion of money laundering or financing of terrorist activities.
What information is protected as a bank secret
Bank secrecy includes a certain range of information. This includes, in particular, the following information:
- About accounts, deposits with a bank or a non-bank credit and financial organization.
- About whether a certain person has a bank account.
- About the bank account holder.
- About the number and other details of the bank’s client’s account.
- About the amount of funds on accounts and deposits.
- About transactions with funds on the bank’s client’s accounts.
- About customers’ payment transactions without opening a bank account.
- About customer transactions on accounts and deposits.
- Information about payments made during the provision of electronic government services.
- About the clients ‘ property that is stored in the bank.
How can a company get information that relates to bank secrecy
There are cases when a company needs information about its own account transactions or other information about its activities that is classified as bank secrecy. For example, such information may be required for an audit or to attract investment.
In such cases, the bank will provide information that relates to bank secrecy, with the consent of the head of the company. Consent may be required on paper and submitted personally by the head of the company, or the bank may accept electronic consent. In the consent, you can specify who you can submit such information to. We recommend that you find out about the form in which you need to issue consent to the bank by contacting the service bank.
To whom the bank will disclose the secret without the client’s consent
The client’s consent is not required when information related to bank secrecy is requested by a number of government agencies on certain grounds. In other words, the state body must have a basis for requesting information that constitutes a bank secret. For example, the court may request such information when considering a relevant dispute, which requires information about the amount of money in a bank account, about the ownership of such an account.
Government agencies that can obtain bank secrecy without the consent and notification of bank customers include:
- Courts.
- Enforcement agencies.
- Prosecutor’s Office.
- Investigative agencies.
- Department of Financial Monitoring.
- Notary’s office.
- The National Bank.
- Tax authorities.
Features of providing bank secret information to individuals
With the consent of the Bank’s client, the bank may provide information that constitutes a bank secret in relation to this client to the individual specified by the Bank’s client in the consent.
When the bank does not have the client’s consent to issue information that constitutes a bank secret, individual guarantors under the loan agreement can find out from the bank about the amount of its debt without the consent of the recipient.
Double protection
Bank secrecy in relation to individuals includes information that simultaneously relates to bank secrecy and personal data. Such information is protected both as a bank secret and as personal data.
The dissemination of personal data takes place on grounds separate from the grounds for the dissemination of information that constitutes a bank secret. For example, to process personal data, you need a consent that contains the purposes and methods of processing personal data. For a personal data subject, your protection means that the information available in the bank is protected:
- in certified information systems that contain personal data.
- from disclosure by employees who have access to this information as a bank secret.
If necessary, government agencies can obtain the information they need without the consent of the personal data subject and information that relates to bank secrecy.
What doesn’t apply to bank secrecy
There are a number of situations in which information constituting a bank secret does not belong to such a secret. Here are some examples of such situations.
A situation where an erroneous payment was made
In a situation where a bank client has sent an erroneous payment, in particular, using incorrect banking details, the client has the opportunity to find out the recipient of the payment. In this case, information about the name and account number of the payer (first name, last name, patronymic) of the recipient of an erroneous payment does not belong to bank secrecy. The person who made an erroneous payment can find out this information in the service bank. According to the amount of information that the bank provides, you can find out the address of the recipient of money and information about its state registration in open sources.
Such information is necessary for a bank client to try to return money that was wrongly received by a third party: write an offer for a refund, and then possibly go to court.
Situation when the bank collects a debt
To collect debts, banks apply to the court, the prosecutor’s office, a notary, and investigative authorities. In such cases, the bank indicates the information known to it about the debtor, including information that constitutes a bank secret. In a debt collection situation, the disclosure of such information does not apply to the disclosure of bank secrecy.
Of course, each specific situation requires an analysis of the information and the reasons for its disclosure. First of all, you need to pay attention to ensuring your own security and keeping secret information that relates to information whose distribution is restricted.
Contact us
If you have any questions or disputes regarding bank secrecy, we will be happy to help! Our long-term experience in corporate law and taxation will help you resolve any disputes in this area.
- +37529366-44-77 (WhatsApp, Viber, Telegram);
- info@ambylegal.by.
