Bank Secrecy Law is a law that establishes the rules of banking such as depositing or claiming. It is also certain that the law covers privacy of customers and declares penalty for the customers to go against the law. Under this law are following importance:
1. Without banking law, no one knows what has to be done. In order for the bank-customer to be organized and well-directed, bank secrecy law is established.
2. Bank want to Protect Depositors
Bank secrecy law aims to give a perfect privacy and security of depositors from fraud.
It is very necessary for people to be ensured with security.
3. Bank Secrecy Law paves the way for economic development. Banks can do many for the nation. Banks have financial power to sustain a nation’s economy. Money are lent to private business owners, government establishments authorities, investors and others. These people play the role of economic development of a nation and that they are the ones who are helping the mass to cooperate and work for the country.
4. Reduce Corruption
This may be a big help for the reduction of corruption against the government officials. There are many corrupt officials who can go for banking and the Bank Secrecy Law will review all of these. Bank Secrecy is very important for all banks.
Banks and depositors should have a close relationship with each other. Banks opt to attend depositors’ inquiries and claims. Bank Secrecy Law is really a help for national financing record. People would put their trust in banks.