Pankkisalaisuus

Pankkisalaisuus, or banking secrecy, refers to the legal obligation of financial institutions to protect the confidentiality of their customers' financial information. This principle is a cornerstone of trust in the banking system, ensuring that individuals and businesses can conduct their financial affairs without fear of unwarranted disclosure.

In Finland, where the term pankkisalaisuus is commonly used, banking secrecy is enshrined in law. It dictates that banks cannot reveal information about their customers' accounts, transactions, or any other financial dealings to third parties, including other government agencies, without a specific legal basis. There are, however, exceptions to this rule. These typically involve situations such as criminal investigations, tax audits, or court orders, where law enforcement or judicial authorities can compel a bank to disclose information under strict legal procedures.

The scope of banking secrecy extends beyond just account balances. It can encompass details about loan agreements, investment portfolios, and any other data collected by the bank during its relationship with a customer. The purpose of this strict confidentiality is to foster financial privacy, encourage the use of formal financial services, and prevent potential misuse of sensitive personal financial data. Breaching banking secrecy can have serious legal and financial consequences for the financial institution involved, including fines and reputational damage.