After about a year working in the banking sector and my noticeable success as a Main Teller in my branch so the management decided to start sending me to other branches in order to teach some new employees and to cover any other employees absence (as for me that was great since the management is putting it’s confidence in me), now i started to get use wearing the suit but still didn’t like it.
As for my salary now is a little bit better bit still not able to have my own car (poor my salary he’s trying to help me but no use).
I worked as a teller and main teller for year and a half, in that time i trained about 15 new employees, replaced more then 10 employees in different branches, i have learned the most important regulations and laws concerning the banking sector and one of the unique and effective laws was the LEBANESE BANKING SECRECY.
Today i will talk about the banking secrecy applied in my country.
Lebanon have adopted the banking secrecy since the 1956, where this law had a great effect on economic stability in the country.
The concept of bank secrecy is broad within the framework of the profession’s secret, to be more precise it’s the banks duty not to disclose the banking secrets related to it’s clients, this obligation is imposed by the Lebanese general provisions, such as the text of article 579 of the Lebanese Penal Code.
As i mentioned that Bank secrecy contributes in attracting local and foreign capital also supports confidence in the national economy and the banking system, encourages investments and that which positively reflects the economic stability.
Despite the positivity offered from the secrecy of bank accounts there are other point of views opposing the banking secrecy system for many reasons, such as covering dirty money.
The cases where the bank secrecy is raised.
There are some exclusive cases where the bank secrecy is raised such as:
1- Written permission from the client or his heirs.
2- the issuance of a ruling declaring bankruptcy of the client.
3- the existence of a judicial dispute between the client and the bank according to some banking issues.
4- the existence of lawsuits related to the crime of illegal gain.
5- suspicion of the use of funds in Money Laundering, in this case the banking secrecy will be raised by a decision of the Special Investigation Commission (SIC).
Switzerland has applied the bank secrecy since the 1934 so it’s considered to be as “the grandfather of the world’s banking secrecy” Switzerland is a massively important player in the secrecy world today, but despite that the bankers indicate that bank secrecy in Lebanon is more severe than in Switzerland, where bank secrecy can be reached under a court ruling by the Swiss court, but in Lebanon it is permissible only in limited cases.
To be continued with Diary of a BANKER Part- 7
The text published in this post is my original work.
Some images are from different sources click on the image to view the source.
