The breach of banker’s duty of confidentiality within the Economic and Monetary Community of Central African States (CEMAC Zone): The case of Cameroon

Abstract

Banks are at the heart of every nation and the need to regulate this sector with a lot of care, since they are pivotal in catalyzing economic growth and development. Proper regulation of banking institutions would guarantee maximum and effective protection of its customers and the enhancement of economic growth and development. Adopting the doctrinal and analytical research methods, this paper sets out to determine the legal mechanisms established to ensure the protection of confidentiality, the information which falls within the ambit of secrecy, the ambiguity surrounding the disclosure of customers’ private information, the penalties imputed on violators of the laws and the qualifications of the duty of confidentiality. This paper reveals that clients still face divulgement of their secret information, though legislation guarantee the protection of their right to privacy. Thus, it is imperative for bankers to scrupulously respect their obligation of secrecy so as to instill clients with confidence in order to guarantee a sound banking environment in the CEMAC zone and Cameroon specifically. Furthermore, the optimization of banking secrecy would adequately protect customers since the underlying element governing banker-customer relationship would be cemented. In addition, there is high need for sensitization of bankers through seminars, workshops and conferences in order to guarantee a proper respect of banking deontologies when exercising their profession.