Banking secrecy
Sharing banking secrecy without client consent: the 7 legal exceptions
By Raphaël MORENON8 May 2025Banking secrecy is a fundamental obligation, the basis of trust between a financial institution and its customer. This principle, protected by French law, is not absolute. The Monetary and Financial Code itself provides for specific situations in which the sharing of confidential information with a third party is authorised without the customer's consent, so as not to paralyse complex economic operations. What's more, case law has had to arbitrate conflicts where professional secrecy clashes with other fundamental rights, such as the right to evidence. Understanding these legal and judicial derogations is essential for professionals in the sector and for their clients. Our banking law firm can provide you with assistance on these issues. Banking secrecy: the foundations and scope of a protected principle Definition and legal basis: article L. 511-33 of the French Monetary and Financial Code Bank-client confidentiality...
Banking secrecy and tax authorities: your rights and their limits
Banking and securities law, Banking secrecyBanking secrecy, long considered an essential protection of privacy and business, is seeing its boundaries redefined in the face of the growing prerogatives of the tax authorities. While the principle remains that information held by your bank is confidential, the law provides for a number of exceptions allowing the tax authorities access to this information...Circulation of information covered by banking secrecy
Banking and securities law, Banking secrecyBanking secrecy, the cornerstone of the relationship of trust between a bank and its customer, is governed by article L. 511-33 of the French Monetary and Financial Code. This principle protects confidential information entrusted to the bank. However, the growing complexity of financial transactions and the need to combat certain types of fraud have...Public bodies and banking secrecy
Banking and securities law, Banking secrecyMany public bodies have access to data covered by banking secrecy under strictly regulated conditions. Here is a detailed analysis of the prerogatives of these public bodies. 1 The Court of Auditors and regional audit chambers The Court of Auditors and regional audit chambers have extensive powers to...When banking secrecy disappears: due diligence obligations and the fight against money laundering
Banking and securities law, Banking secrecyBanking secrecy, often perceived as a pillar of the relationship between a bank and its customer, is not in fact an impenetrable fortress. Although it protects the confidentiality of financial information, French law provides for numerous situations in which this secrecy must give way to the demands of...When regulators poke holes in banking secrecy: the state of play
Banking and securities law, Banking secrecyBanking secrecy is not the airtight safe that some people think it is. Although this principle protects the confidentiality of customers' financial information, there are many exceptions to it, particularly when it comes to the regulatory authorities. The latter have extensive prerogatives to access banking data as part of their duties...Exceptions to banking secrecy for judicial and tax authorities
Banking and securities law, Banking secrecyClosed doors, locked safes, sealed registers... The principle of banking secrecy seems impenetrable. Yet it is not absolute in France. The law provides for a number of situations in which this secrecy must give way, particularly in the face of certain public authorities acting in the public interest. Understanding these exceptions is essential for customers...Understanding banking secrecy in France
Banking and securities law, Banking secrecyBanking secrecy is often seen as a bulwark against curiosity, including that of the state. This ancient principle, whose origins go back to centuries-old commercial practices designed to protect business confidentiality, was not formally enshrined in France until 1984. It is, however, less protective than might be thought...
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