Formation of banking activity in Ukraine and banking secrecy

Abstract

The article is devoted to the study of the history of the institution of banking secrecy. It is established that in the early stages of development of the banking system the regulation of the processes of banking institutions was carried out by the first person of the state (emperor) and the highest legislative body by issuing regulations. It is proved that in the early stages of regulation of banking institutions was carried out on the basis of an extensive system of regulations. Over time, there has been a trend, which is still relevant, to systematize and unify legislation. It is justified that only in the 80s of the twentieth century in the Soviet Union began the process of reforming both the political and economic system. It is with this period that the beginning of the revival of the institution of banking secrecy can be associated. Based on a historical study of the institute of banking secrecy revealed certain patterns of development of banking secrecy, which influenced the further formation of this institution. In particular, it was established, first, that during the development of the institution of banking secrecy, its information remained unchanged about information about depositors, the secrecy of the deposit, the secrecy of the account and transactions; secondly, the history of the development of the institution of banking secrecy helped to strengthen the position of depositors from unjustified seizure of information constituting banking secrecy by investigative bodies, as this information could be disclosed only if available in criminal proceedings. This rule is a historical fact that has been developed and applied in recent times, and its abolition will significantly damage the stability of the institution of banking secrecy, and even make vulnerable positions of depositors, as law enforcement agencies may ask the bank for information that constitutes banking secrecy without criminal proceedings.