Confidentiality

Obligations

Describe the private banking confidentiality obligations.

Confidentiality is generally protected under legal and contractual duties of confidentiality, code of banking practice and standard of conduct, and personal data privacy. However, legal and regulatory requirements may mandate disclosure or reporting of information to certain regulatory authorities or agencies, such as under anti-money laundering requirements, reporting of suspicious transactions and under Common Reporting Standard (CRS).

Scope

What information and documents are within the scope of confidentiality?

Confidentiality is generally protected under legal and contractual duties of confidentiality, code of banking practice and standard of conduct, and personal data privacy. However, legal and regulatory requirements may mandate disclosure or reporting of information to certain regulatory authorities or agencies, such as under anti-money laundering requirements, reporting of suspicious transactions and under CRS.

Expectations and limitations

What are the exceptions and limitations to the duty of confidentiality?

Confidentiality is generally protected under legal and contractual duties of confidentiality, code of banking practice and standard of conduct, and personal data privacy. However, legal and regulatory requirements may mandate disclosure or reporting of information to certain regulatory authorities or agencies, such as under anti-money laundering requirements, reporting of suspicious transactions and under the CRS.

Breach

What is the liability for breach of confidentiality?

No statutorily prescribed liability exists.

Law stated date

Correct on

Give the date on which the information above is accurate.

June 2020.