3 Questions
Which of the following is a qualified duty of secrecy?
A duty that is not absolute but qualified
Under what circumstances can a bank breach its duty of secrecy?
When the customer gives express or implied consent
What was the outcome of the PB V New Lanka case?
The bank was found not guilty of breaching its duty of secrecy
Study Notes
Duty of Secrecy
- A qualified duty of secrecy means a bank's obligation to maintain confidentiality of customer information is not absolute, and can be breached in certain circumstances.
- The duty of secrecy is not a fiduciary duty, but rather a contractual obligation arising from the banker-customer relationship.
Breaching Duty of Secrecy
- A bank can breach its duty of secrecy when:
- compelled by law (e.g., court order or subpoena)
- with the customer's consent
- in the public interest (e.g., to prevent fraud or crime)
- to protect the bank's interests (e.g., in case of a dispute with the customer)
PB V New Lanka Case
- The PB V New Lanka case is a landmark ruling that established the boundaries of a bank's duty of secrecy.
- The court ruled that a bank's duty of secrecy is not absolute and can be breached in certain circumstances.
- The outcome of the case highlights the importance of balancing the bank's obligation to maintain customer confidentiality with the need to disclose information in specific situations.
Test your knowledge on the Duty of Confidentiality with this quiz. Learn about the exceptions to the duty of secrecy and explore various cases that have shaped the legal understanding of this concept. Keywords: duty of confidentiality, duty of secrecy, exceptions, legal, cases.
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