The banking secrecy (in Switzerland: Kind 47 BankG, in Germany essentially as contractual warranty out-arranged) designates obligation to secrecy and right of the information auskunftsverweigerung of banks opposite of third (like for example national institutions) over financial conditions its customers.

Credit institutes may have and only in special, deviate legally regulated cases from their information information obligationinformation obligation and determined institutions available information make, which is required by these.

The banking secrecy ranks among the elementary protection of the of humans, stands however in the conflict with the requirement of the state (and the honest taxpayers) on an applicable taxation of fortunes and interest incomes. The banking secrecy was therefore loosened to that in the course of the introduction interest-anticipated payment-expensively (in Switzerland Verrechnungssteuer). With the introduction of the account call procedure the banking secrecy is further weakened to Germany.

Banking secrecy in Germany

Effectively no more secret

In Germany the banks announce to the tax office in the meantime not only the height of the announced free allowances for capital returns, but also, in which mass this was taken in requirement. This permits conclusions on a lower barrier of the height of the interest river in favor of a bank account. This again permits (over the capital market interest rate) conclusions on the any height of the average account balance. In this way the German state in a the position is to measure the height of bank assets of nearly all humans living in Germany. At subscribers of public achievements, whose entitlement is dependent on the fact that they have this no fortune to be taken into account (e.g. student financial assistance scheme, social welfare assistance and unemployment pay), also made. Therefore cannot be spoken in Germany no more of a banking secrecy in the sense of secret. Critics regard this development as a step to the monitoring state.

Banking secrecy and tax law

The tax law "§ 30a of the tax code respects the banking secrecy. According to law situation fiscal authorities are obligated to give special consideration to the bond of trust between the credit institutes and their customers. During an external examination of the banks customer data may not be compared overall with the data in the tax declaration of the customer. However a right to information of the tax office exists.

By reorganizations in the tax code, which are based on the law for the promotion of tax honesty and are since 1 April 2005 into force, the powers of the fiscal authorities and other state institutions were substantially expanded.

The banking secrecy ends also with the death of the Kunden.So is the banks obligated after the death of the customer the respective assets and safe-deposit boxes of the death duty place to be announced.

Banking secrecy in Austria

In Austria the banking secrecy is in "§ 38 D. Banking law (constitutional law) regulated. Therefore banks may give information only over judicial order, if a criminal procedure runs. Also national places get otherwise no information. With foreign criminal procedures information may be given likewise only in the framework by legal aid agreements. Also in the death nobody experiences somewhat from existing passbooks.

So that the incomes from capital can be taxed nevertheless, one is delivered capital return-expensively (KESt) with a fixed control item by the bank to retain and the tax office. Thus the income tax and one are evt. Death duty paid off. This tax is called also tax at source.

Favour is however the anonymity of the passbook in the year 2002 (with transition periods). That is called opposite the bank must a passbook owner prove itself, which the case was in former times not.

Banking secrecy in Switzerland

This topic is treated in the article Swiss banking secrecy.

Used topics

• Contrary to the banking secrecy the tax secret is legally regulated in Germany.

Related links

• Swiss federal fiscal department keyword "“banking secrecy"”
• Swiss Bankiervereinigung "“banking customer secret"”
• The current term: Bank secretin information of the scientific service of the German federal daily
• Swiss banking secrecies - association for financial history Switzerland and Liechtenstein history of the bank secret in Switzerland, emergence, meaning, myth

Articles in category "Banking secrecy"

We found here 21 articles.

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