Case Law against Bank Secrecy

The First Security Bank (FSB) of Malta, Montana fall victim to a crime of credit card fraud, money laundering, and embezzlement. The crime stared a small city in Montano with a couple thousand, who was startled from the crime. The vice president of operation of the bank was a pillar of the community and the suspect of the bank’s crime. The scheme was committed over a long period of time. This crime weakens the foundation of the bank and possible may run it out of business. The committee was in a frenzy with the bank and the suspect about spending the community’s money. The shareholders gave the president “30 days to clean up the bank or pawn the bank off to another financial institution.” (Volz p.1) However, the bank pulls through the crisis and gains more customer as the business begins the recover period.

The element of secrecy is evident in the

In the case of King Magnum, s/he has been accused for possession of firearm and for a robbery beyond $5,000. The Bank of Commerce had been robbed and King Magnum was accused for this robbery since his photograph had resembled the individual who came into the Bank. This crime took place in the Yourtown bank on October 1st 2002, however Magnum was arrested on October 31st after all the police officer in charge if this case, Gumshore thoroughly examined all the details.

Traditionally the duties and rights of the bank were stipulated by the contract between the bank and the customer. In the present case a very important decision concerning the rights and duties of the bank has been taken

The nature of the banker-customer relationship is one of agency. Amongst the duties that stem from this relationship, the bank’s duty of confidentiality is clearly an issue of great importance. The focus of this essay is on the scope and limitations of the bank’s duty, both to its customers as to the public. In order to analyse this it is necessary to firstly consider the idea of duty of confidentiality, Secondly, it is necessary to study the Court of Appeal’s judgement in the case of Tournier. Thirdly, this essay will take the Jack Committee report into consideration. Lastly, this paper will briefly mention the Banking Code, it will also discuss whether the principle in Tournier may be outdated and if so, whether it is in need of a new crystallised self, clearly stating the limits and boundaries of the bank’s duties both to the customer and to the public itself in the form of a statute. To conclude this essay will consider the future of the duty of confidentiality.

Prompt: “At the end of your lease, you and your roommates cleaned your apartment thoroughly, and because there was no damage to the apartment, you were expecting the landlord to return your entire security deposit of $2,500. The landlord has ignored your written requests for the return of your security deposit. You have since heard from other tenants of your landlord that he is notorious about refusing to return security deposits. What remedy do you have available under Massachusetts law? You need to research case law and/or statutory law.”

2. Which law requires all types of financial institutions to protect customers’ private financial information?

In the world of banking and finance nothing stands still. The biggest change of all is in the, scope of the business of banking. Banking in its traditional from is concerned with the acceptance of deposits from the customers, the lending of surplus of deposited money to suitable customers who wish to borrow and transmission of funds. Apart from traditional business, banks now a days provide a wide range of services to satisfy the financial and non financial needs of all types of customers from the smallest account holder to the largest company and in some cases of non customers. The range of services offered differs from bank to bank depending mainly on the type and size of the bank.

Confidentiality provide the client with safety and privacy and thus protects client autonomy. For this reason, any limitation on the degree of confidentiality is likely to diminish the

. Fraud occurs when someone acts with the intent to cause damage by misrepresentation. Negligence, however, is failing to act in a way that any reasonable person would in the same situation. Fraud and negligence are both considered torts because they are a civil wrong, which is when one does wrong to another person, and as a result you can sue for their actions. In Mona’s case she was clearly negligent for the audit reports and preparing the financial statements for Cardozo Corporation because she was not aware of the situation or the bank in this case and she did not have the intent to deceive. The verdict was decided in the Barclays Bank v. Grant Thornton case. In this case the auditors were accused for negligence in the production for the company, of non statutory audit reports given to third

Confidentiality is to prevent the disclosure of information to unauthorised persons to look at it.

In regards to the disclosure of customer information, please be guided by the Bank’s Circular on the same. Please take note that the Bank is governed by the secrecy provision of the FSA 2013. Please take note that this matter is doesn’t fall under any category of Schedule 11 of the FSA.

The Banking Industry plays an important role in the economic development of the country and is the most dominant segment of the financial sector. Banks encourage economic growth by allocating savings to investments that have potential to yield higher returns. They perform their basic role of accepting deposits and lending funds from these deposits. Banks securely save the money of depositors, provide interest to them, and lend the funds raised from depositors to consumers. They are in a wide range of sizes, from large Global Banks to Regional and Community Banks. We can study the structure of an organized banking industry by taking an example of Indian banking industry:

Confidentiality means that data is concealed and can only be seen by the intended recipient.

Table No. 3.1 3.2 3.3 3.4 3.5 3.6 3.7 Table Content Capital Adequacy ratio Earnings Per Share Net Profit Margin Return On Assets Credit Deposit Ratio Gross NPA Net NPA Page No.