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Bank secrecy in the netherlands antilles and aruba
 

Bank secrecy in the netherlands antilles and aruba

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    Bank secrecy in the netherlands antilles and aruba Bank secrecy in the netherlands antilles and aruba Document Transcript

    • BANK SECRECY IN THE NETHERLANDS ANTILLESAND ARUBAThere is a duty of confidentiality on banks not to disclose customerinformationBank secrecy rules protect the confidentiality of customer data. Customer data isany information relating to an identified or identifiable customer. Bank secrecy rulesapply to all information relating to any banks business or information which the bankobtains in the course of business or contractual relationship.In the Netherlands Antilles and Aruba there are no separate explicit statutoryregulation concerning bank secrecy. However, the Netherlands Antilles and theAruba Civil Code imply a duty of confidentiality into all contracts between a bank andits customers. In addition, a general contractual duty of care (i.e. a duty to provideservices of a proper standard) is also implied from general principles of NetherlandsAntilles and Aruba law.These principles can be said to amount to a duty of confidentiality on banks not todisclose to other bodies, or make public, information about a customer without thecustomer’s consent. This duty is set aside if mandatory law requires disclosure.In addition, section 286 of the Penal Code of the Netherlands Antilles and Aruba addsa criminal dimension to bank secrecy. An employee, who discloses data to thirdparties outside the scope of his or her duty, will possibly have committed a criminaloffence (breach of professional secrecy). In general, the transfer and filtering ofinformation appears not to constitute a breach hereof.KarelFrielinkAttorney (Lawyer) / Partner