THE OBLIGATION OF BANKING SECRECY IN IRANIAN LAW

Increasing resort of people to the banks make them to access classified information of the customers such as financial status, balance of the account and personal information. In order to gain the trust of customers and prevent Personal and commercial losses and economic abuse, banks make these data confidential and refused disclosure of them. Although the protection of banking secrets is an inevitable principle concerning social necessities such as confronting crimes like money laundering, terrorism financing, tax evasion and the need for financial transparency, it is appropriable in such areas. These exceptions, however, varies from country to country but we seen more common trends in all.
This paper shows the basis, sources, scopes and the effects of banking secrecy in Iranian law and note the necessities of legislation by that.