1. BANK SECRECY IN THE NETHERLANDS ANTILLES
AND ARUBA
There is a duty of confidentiality on banks not to disclose customer
information
Bank secrecy rules protect the confidentiality of customer data. Customer data is
any information relating to an identified or identifiable customer. Bank secrecy rules
apply to all information relating to any banks business or information which the bank
obtains in the course of business or contractual relationship.
In the Netherlands Antilles and Aruba there are no separate explicit statutory
regulation concerning bank secrecy. However, the Netherlands Antilles and the
Aruba Civil Code imply a duty of confidentiality into all contracts between a bank and
its customers. In addition, a general contractual duty of care (i.e. a duty to provide
services of a proper standard) is also implied from general principles of Netherlands
Antilles and Aruba law.
These principles can be said to amount to a duty of confidentiality on banks not to
disclose to other bodies, or make public, information about a customer without the
customer’s consent. This duty is set aside if mandatory law requires disclosure.
In addition, section 286 of the Penal Code of the Netherlands Antilles and Aruba adds
a criminal dimension to bank secrecy. An employee, who discloses data to third
parties outside the scope of his or her duty, will possibly have committed a criminal
offence (breach of professional secrecy). In general, the transfer and filtering of
information appears not to constitute a breach hereof.
KarelFrielink
Attorney (Lawyer) / Partner