Describe the private banking confidentiality obligations.
The Brazilian Federal Constitution ensures the inviolability of one’s privacy, private life, honour and image. The Brazilian Civil Code also provides for a general protection of privacy, by determining that the privacy of individuals is inviolable.
Banking secrecy is also specifically contemplated under Brazilian legislation, pursuant to which financial institutions must keep confidential all of their credit and debit transactions, as well as the services rendered thereby.Scope
What information and documents are within the scope of confidentiality?
Client’s personal data and documents, as well as their financial information and services rendered.Expectations and limitations
What are the exceptions and limitations to the duty of confidentiality?
Banking secrecy can be lifted either through the client’s specific consent, or in the case of: exchange of information between financial institutions or ancillary entities for credit protection; disclosures determined by law or ordered by a competent authority; and disclosures authorised by the interested parties.Breach
What is the liability for breach of confidentiality?
Breach of banking secrecy may subject financial institutions to penalties in the civil and administrative spheres, in addition to their directors, officers or similar managers, as well as its audit committee members, who may also be held criminally liable for their actions.
Law stated dateCorrect on
Give the date on which the information above is accurate.
3 July 2020.