On the issue of optimizing the regulatory legal regulation of the activities of EBiPK units during the ORM "Making inquiries" to obtain information containing bank secrecy

The article analyzes the current state of legal regulation of certain issues of the organization and conduct of the ORM "Making inquiries" in terms of obtaining information containing bank secrecy. A comparative analysis and competition of the norms of legislation at various levels is given. Attention is focused on the direct link between the effectiveness of the fight against crimes, the subject of which are non-cash funds and the simplification of the procedure for obtaining information containing bank secrecy. Recommendations are proposed for the elimination of emerging conflicts in law, as well as for improving the effectiveness of combating this category of crimes by amending the current legislation.

Tanggung Jawab Direksi dalam Meningkatkan Citra Bank (Suatu Telaah Yuridis Normatif)

At this time the banking world has a very important function in the Indonesian economy. Banking is an institution that functions to collect and distribute public funds. For this reason, in order to maintain public trust in the bank, the government continues to try to protect or protect the public from irresponsible persons who can damage public trust in the bank. The issue of civil liability for negligence or carelessness that occurs in a bank can be related to the management of the bank. In order to increase the function of common awareness towards banking institutions, regulations regarding bank secrecy which have been very secretive must be revised immediately. The bank secrecy in question is one of the elements that every bank needs to have as an institution of public trust. Banking practices that violate the laws and regulations in the banking sector as long as these regulations are considered a weakness that can harm their interests, even the owner or management of the bank uses the existing regulatory loopholes so that in the end the bank is in an unhealthy condition. For that we need to know and understand how the bank can improve its image and the role of the board of directors in overcoming the problems faced and how to overcome these problems. The Board of Directors has an important role in the management of the bank, the board of directors is also required to regulate the bank according to its authority and responsibility as stipulated in the articles of association and the provisions of the applicable regulations. The image of the bank is built through communication programs and combined with customer experiences interacting with the bank.

The anti-money laundering act of 2020

Purpose The purpose of this article is to inform stakeholders about the Anti-Money Laundering Act of 2020 (AMLA), explain its impact on the U.S. anti-money laundering (AML) regime, and highlight critical updates for financial institutions. Design/methodology/approach The article provides an overview of the AMLA, and specifically addresses three key components: (1) the development of uniform beneficial ownership requirements and the creation of a beneficial ownership registry at the Financial Crimes Enforcement Network (FinCEN); (2) the expansion of FinCEN’s powers and the Bank Secrecy Act/AML program requirements; and (3) new subpoena powers with potential extraterritorial effect granted to the U.S. Secretary of the Treasury and the U.S. Attorney General for documents located at foreign banks that have a correspondent banking account in the U.S. The article also notes the purpose and goals of the AMLA. Findings The AMLA is the first major overhaul of the U.S. AML regime since the 2001 USA PATRIOT Act, and is designed to strengthen national security, protect the financial system, and simplify compliance obligations. The beneficial ownership reporting requirements represent an effort to combat illicit financial activity conducted by shell companies formed and registered in the U.S. Originality/value The article provides financial institutions with a brief overview of a lengthy new law that will impact their AML compliance obligations. Financial institutions should be on alert for forthcoming regulations.

PERLINDUNGAN HUKUM NASABAH BANK DALAM HAL PEMBERIAN INFORMASI NASABAH KEPADA PIHAK FINTECH LENDING BERDASARKAN PRINSIP KERAHASIAAN

Bank is a financial institution that collects funds and distributes public funds, in accordance with Article 3 of the Banking Law. Banking institutions have a very important role, especially in moving the economy of a country. The role of banking cannot be separated from the enactment of Law Number 10 of 1998 concerning Banking. In carrying out its functions and duties, banking cannot be separated from customers, be they depositors or borrowing customers. In carrying out its functions, the Bank is bound by several principles, one of which is the principle of confidentiality. The principle of bank secrecy is regulated in Article 4- to Article 47A of the Banking Law. The principle of confidentiality is very important to be maintained by the bank as a financial service provider, this is related to public trust in the banking sector itself. Banks are prohibited from opening data from customers without permission from the BI leadership or if the law says otherwise. Banks are prohibited from disclosing secrets related to financial data or loans from customers to third parties, in this case the fintech lending party. Banks as service providers will certainly comply with the Consumer Protection Law. The purpose of this paper is to identify and understand the principles of banking confidentiality. The method used in this paper is normative juridical, by examining primary and secondary legal materials, especially in terms of legislation.

RAHASIA BANK BAGIAN DARI PROSES MONEY LAUNDRY

The crime of money laundering is very detrimental to the public at large, because the crime will also be followed by other crimes, corruption, terrorism and drugs. The purpose of this research is to discuss the extent to which the Bank is involved in the money laundering process, so the researcher takes the theme Bank Secrets as part of the money laundering process. The method used is literature study with descriptive, exploratory, and analytical approaches. It can be concluded that, Bank Secrecy is everything related to information regarding depositors and deposits where the principle of bank secrecy aims to protect customers. Bank is a financial institution that runs its business based on the trust of its customers so that banks are required to be able to maintain the confidentiality of all data and information related to their customers, including information on financial transactions carried out by their customers. It is recommended that the bank should apply the Know Your Customer “Know Your Customer principle” properly accompanied by an adequate reporting system. If there is a suspicious flow of funds, it can work with related parties (PPATK, KPK and the Police) so that money laundering can be prevented as early as possible.

“ BALANCING BANK SECRECY AND ANTI – MONEY LAUNDERING REGIMES IN BAHRAIN”

Purpose: The paper intends on studying the present regimes of bank secrecy and money laundering provisions that exist globally vis-à-vis drawing a comparison with the present position in Bahrain. The nation of Bahrain is a minor player amongst the international market players of offshore financial institutions. The paper seeks to observe and point out the key practices that are adopted by the nations following a global standard and the practices followed in Bahrain and to address such issues and legal or policy shortfalls in order to understand the extent of complicane with the internationally set standards. The paper shall provide the reader with a quick understanding about the present regime in such activities. Methodology: The paper has been attempted by taking a doctrinal-qualitative analysis approach. The primary sources of research include the various rules and regulations that have been mentioned and a deep understanding and reading has been conducted in order to facilitate the comparison. The paper has also looked into key provisions under the Bahraini Legislation, UN Conventions, IMF recommendations and responses of various international groups and has drawn co-relations with the general set standards and requirements of the major financial bodies and regulators and has also checked if the domestic law is in lines of the set standards and general principles. Research Implications: It has been observed as to how banking secrecy achieves the interest of the bank’s client though the maintenance of confidentiality of the business and also acts as a boost to the bank’s interests by attracting more clients which increases the bank’s economic general interest and profit. The absolute adherence to the norms of bank secrecy may nevertheless play a negative role as it would tend to promote and facilitate the commission of money laundering crimes which bears a negative impact on the nation’s economy. Accordingly, this paper would intend on discussing the extent of the success of the legislation and the measures at the national and international levels that enable banks to maintain their practices of providing financial/banking secrecy without acting as an aide in the facilitation of the crime of money laundering. This can be achieved through the possibility of lifting financial/banking secrecy norms if such measures are necessary to prevent the act of money laundering. Findings: The Author has observed as to how the laws have been made compliant to the set standards of the IMF primarily. The domestic legislations in the global leading economies have been observed to be in lines of such standards and has constantly evolved to meet the growing challenges through time. Importance of Study: The importance of research is highlighted by shedding light on the mechanism of reconciliation between maintaining bank secrecy and combating money laundering operations at the national and international levels. Originality: The paper intends to contribute to the research related to the existing conditions of the laws relating to bank secrecy and money laundering challenges while duly focusing on the present scenario in Bahrain. There is no study that is readily available regarding the position in Bahrain specifically despite of a plethora of material that discusses the aspects of banking secrecy and money laundering on a general level. The Paper has also tried in drawing close relationships between the domestic legislation and the various regulations, mandates, conventions and requirements governing the same.

The new player in international taxation: the automatic exchange of financial information

The article highlights the progress of international taxation in the fight against the concealment of income in offshore jurisdictions and exposes the lights and shadows of the current legal framework for the exchange of information on bank accounts. The author examines the major problems of international taxation and how corporations avoid paying taxes in their jurisdictions and how it affects the financial sphere. The article studies bank secrecy with its harmful aspects and develops the solution to resolve the current issues. As a conclusion, the author focuses on cooperation between tax administrations and the positive outcomes from transparency and information exchange measures on the international taxation.