ANALYSIS OF THE JURISPRUDENCE OF BANKING SECRECY IN THE UNITED STATES OF AMERICA AND UNITED KINGDOM

Abstract

Banking secrecy and e-banking are critical components of the financial services landscape, particularly in the United States and the United Kingdom, where technological advancements have reshaped traditional banking practices. This paper aims to analyze the jurisprudence surrounding banking secrecy and e-banking in these two jurisdictions, focusing on how legal frameworks have adapted to the challenges posed by digital banking, data privacy, and financial regulation. Utilizing a doctrinal research method, the study examines relevant statutes, case law, and regulatory guidelines to uncover the legal principles governing banking secrecy and e-banking practices. The findings revealed that both the US and the UK have developed robust legal mechanisms to address the complexities of e-banking while ensuring the protection of customer data. However, there are notable differences in their approaches to balancing privacy concerns with regulatory oversight, particularly in areas such as anti-money laundering (AML) compliance and data protection. The paper recommends enhancing cross-border legal collaboration and updating regulatory frameworks to better address the evolving risks in e-banking. By doing so, both jurisdictions can strengthen their financial systems while ensuring that banking secrecy and customer protection remains paramount in the digital age.