Bankers walk a facinating tightrope of getting rich or getting regulated and smacked upside the head by the Feds, unless they're the Feds.
If your nation has money, your nation has banks. Or credit unions. That's different and much more epic.
Bank secrecy, meanwhile, is the security of your accounts from federal snooping, regulation, and accountability. Banks that value secrecy will attract offshore banking and people from other nations, seeking to deposit their (shady) wealth in your bank to dodge taxes, store cash away, or get a ton of interest.
Wikipedia wrote:Bank secrecy is a legal principle in some jurisdictions under which banks are not allowed to provide to authorities personal and account information about their customers unless certain conditions apply. In some cases, additional privacy is provided to beneficial owners through the use of numbered bank accounts or otherwise. Bank secrecy is prevalent in certain countries, such as Switzerland, Singapore and Luxembourg as well as offshore banks and other tax havens under voluntary or statutory privacy provisions.
Connected to embezzlement and money laundering, bank secrecy is important to those who like to store their money somewhere else, or hide it.
Fans of bank secrecy claim that bank secrecy is core to privacy, and that the government has no right to look into one's bank acoounts, sometimes even WITH a warrent to do so. Bank secrecy haters insist that hiding an account from a police warrent hinders crime prevention and allows embezzlers, money launderers, villains, rogues, renegades, the Mob, and even terrorists to maintain a steady means of affording their acts of naughtiness.
So, the question is simple. How secret are your banks? Are your banks secret at all? Libertarian nantion banks tend to be silent and dictatorships can open your account for fun.
If the Law wants to probe a bank account, how hard is it to do so? Do they need a warrent, something more, or nothing?
Do your banks cooperate with international takedowns, when a wanted villain uses your banks to store offshore money?
Just how silent do your banks remain under pressure, and do you encourage offshore deeds?