What does bank secrecy mean?

bank secrecy meaning in Law Dictionary

the financial institution's guarantee to keep economic matters and transactions associated with consumer confidential. This won't connect with credit information that is shared easily. Specific information mst be made available as a result of antiterrorist legislation.

bank secrecy meaning in Business Dictionary

One of the circumstances for the relationship between a bank and its particular customers is that the customers' transactions and economic affairs will be addressed as private. This rule, however, will not connect with the customers' credit information that will be provided rather easily among financing establishments. Additionally, because of certain laws and regulations (such as anti-terrorist and anti drug-trade legislation) and income tax treaties between countries, banking institutions must release certain information to simply help combat terrorism and unlawful medication trade, and avoid tax-evasion and cash laundering.