Examination of Bank Duty of Confidentiality.

Francis, Ereneus Mwesigwa (2023) Examination of Bank Duty of Confidentiality. Masters thesis, The Open University of Tanzania.

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Abstract

The rapid advancements in Information and Communication Technology (ICT) across the globe have given rise to various ICT-related crimes. Consequently, the international community has initiated a concerted effort to promote transparency in banking activities. Transparency is seen as essential for fostering trust within the realms of business and investment. As a result, there has been a need for regulatory reforms and the implementation of laws governing the lifting of bank confidentiality. In many instances, these developments have been introduced with the greater good of the public in mind, even though they may have some adverse effects on individuals. This study aims to provide a comprehensive analysis of the legal framework governing bank confidentiality in Tanzania, along with its exceptions. The research examines the legality of the procedures used to lift bank confidentiality, legal issues pertaining to the impact of lifting bank confidentiality on bank customers, and the concerns related to data privacy within the context of bank confidentiality, which is considered a fundamental aspect of human right. To conduct this study, a doctrinal legal research method was employed. This involved gathering primary information from various legal documents, including laws, cases, and legal writings, from collection centers throughout the country. The findings of this study indicate that the legal provisions governing the lifting of bank confidentiality in Tanzania are often mandatory in nature. This sometimes creates a challenge for the courts and banks in striking a balance between safeguarding bank interests and promoting public interests. As a recommendation, this study suggests a review of existing laws to ensure the proper procedures for lifting bank confidentiality are adhered to, and that personal data must be adequately protected to prevent individuals from misusing such information.

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