of October 14, 1996 No. ZR-80
About bank secrecy
Accepted by National Assembly of the Republic of Armenia on October 7, 1996
This Law establishes the data which are bank secrecy, the legal basis and procedure for publication, storage and provision of these data, the rights and obligations of participants of the relations arising around bank secrecy and also responsibility for violation of requirements of this Law.
The relations connected with bank secrecy are regulated by this Law, other laws, and in the cases and limits provided by the law - and other legal acts.
Provisions of this Law extend to the Central bank of the Republic of Armenia (Central bank), banks, acting in the territory of the Republic of Armenia, including branches (departments), representations (further - "banks") these and foreign banks operating in the territory of the Republic of Armenia and also to all physical, legal entities, to the companies which do not have the status of the legal entity (further - persons) which in the procedure established by this Law received the data which are bank secrecy or were informed on them. If other does not follow from content of specific provision, then the term "bank" in this Law includes also Central bank - and in respect of the responsibility established by the Law.
This Law extends to the banks which are in process of liquidation if other does not follow from the features of liquidation provided by the law.
1. Data on the customer accounts which became known to this bank in connection with customer service of bank, data on the transactions made at the request of the client or in its advantage are considered as bank secrecy and also its trade secret, data on any program of its activities or on development, the invention, industrial design and any other data on it which the client intended to keep in secret and the bank knew or could know about this intention.
2. The data on banks and their clients established in the parts one of this Article which became known to the Central bank in connection with control of banks are considered as bank secrecy. Banks are considered as clients of the Central bank.
In aspect of this Law all other persons, except this bank and its client are considered as the third parties; at the same time the Central bank, banks and credit institutions established by the Law of the Republic of Armenia "About credit institutions" the credit bureaus established by the Law of the Republic of Armenia "About the address of credit information and activities of credit bureaus", Fund of guaranteeing compensation of deposits in the cases established by the Law of the Republic of Armenia "About guaranteeing compensation of bank deposits of physical persons" the third parties are not.
Fund of securitization, the managing director of fund of securitization, the seller serving and also the other persons providing to fund of securitization of service, connected with securitization, established by the Law of the Republic of Armenia "About securitization of assets and asset-backed securities" are not considered as the third parties.
1. Disclosure of bank secrecy publication or distribution in oral or written form through mass media or different way of the data which are bank secrecy, finishing them to data of the third party or persons, direct or indirect provision to the third parties of opportunity for getting of such data is considered namely: permission, not preventing or provision of opportunity for this purpose owing to violation of procedure for storage of such data, except as specified, determined by article 43 of the Law of the Republic of Armenia "About banks and banking activity".
2. The message or provision by this bank of the data which are bank secrecy, to the persons and the organizations rendering to bank legal, accounting, other consulting or representative services or performing certain works for bank provided that it is necessary for rendering these services or performance of works is not considered disclosure of bank secrecy and that these persons and the organizations shall abstain from actions or failure to act, the stipulated in Clause 8 these Laws.
4. Publication by the Central bank of the Republic of Armenia or the bank which allowed violation, decisions on violations of requirements of the laws and other legal acts allowed by bank and (or) the head of bank and on the punishment measures applied by the Central bank of the Republic of Armenia to bank and (or) the head of bank is not considered illegal publication of bank secrecy. In case of publication of decisions on measures of punishment specifying of names (names) of the clients of bank who allowed violation is forbidden.
1. Disclosure of the data which are bank secrecy is forbidden, became known for person, the organization, state body or the official to whom these data were entrusted in connection with its service or work or were provided in the procedure established by this Law.
2. This Article does not extend to the client of bank - only regarding the data relating to it, and also to banks - regarding the information provided to the Central bank in the course of control over banks and also in the cases established by the Law of the Republic of Armenia "About guaranteeing compensation of bank deposits of physical persons" to fund of guaranteeing compensation.
3. The information about certain client which is bank secrecy can be published with the written or this in court oral permission of this client. With the permission of the client only the data concerning this client can be published.
1. Banks guarantee storage of the data which are bank secrecy.
2. Disclosure of the data which are bank secrecy, entrusted them or became known in connection with service or work and also their use in private interests or for the benefit of the third parties, direct or indirect provision of possibility of such use by the third parties is forbidden to the heads, bank clerks, persons who were earlier heads or bank clerks, and also the persons and the organizations rendering or who were earlier rendering to bank of service (work), namely: permission, not preventing or provision of opportunity for this purpose owing to violation of procedure for storage of such data.
3. Banks shall take such technical measures and establish such organizational rules which are necessary for proper storage of the data which are bank secrecy.
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