Characteristics of liability for disclosure of bank secrecy in Europe and the United States

Abstract

This paper looks into peculiarities of the legislative approaches to the liability for disclosure of bank secrecy in Europe and United States. The scope of the article is to elaborate general characteristics of liability for disclosure of banking secrecy, revealing types and subjects of legal liability for the disclosure of banking secrecy. To achieve the aim of the article, general and specific research methods were used, in particular, dialectical, formal-logical, dogmatic and comparative-legal. The main research method is comparative-legal. It helped to study the world experience of regulatory ensuring of banking secrecy as well as to reveal specifics of banking legislation, aimed at protection of banking secrecy. The conclusion is made, that in most developed countries, banking secrecy is considered a special kind of trade secret and enshrined in various regulations, which are mostly universal in nature. The legislation of developed countries provides for the prosecution of those responsible for the disclosure of banking secrecy to criminal, civil, administrative, disciplinary and other types of legal responsibility.