Bank secrecy,

Definition of Bank secrecy:

1. One of the conditions of the relationship between a bank and its customers is that the customers dealings and financial affairs will be treated as confidential. This rule, however, does not apply to the customers credit information which is shared rather freely among lending institutions. Also, due to certain laws (such as anti-terrorist and anti drug-trade legislation) and tax treaties between nations, banks must release specific information to help fight terrorism and illegal drug trade, and prevent tax-evasion and money laundering.