BANKING SECRET AND ITS LIMITATIONS

Abstract

The purpose of the article is to discuss the issues of banking secrecy and in particular its limitations. The powers of government institutions to information covered by banking secrecy as well as international regulations, which create an automated way of exchanging them, significantly affect the independence of banking secrecy. The above prerogatives have been presented against the background of personal data protection and the privacy rights of clients of financial institutions. All considerations lead to the questions: How important is the banking secret today and how deeply is its mitigation? The composition of the study was based on the dogmatic and descriptive method.