Banking Secrecy Laws in Poland Explained: What You Need to Know

In Poland, banking secrecy is governed by the Banking Act of 29 August 1997 and other relevant laws and regulations. It is essential for banks to understand these laws to maintain confidentiality regarding their customers’ financial transactions and personal data.

Bank Secrecy Obligations in Poland

Banks in Poland must comply with strict bank secrecy obligations, which include:

• Maintaining secrecy about all customer transactions, including deposits, withdrawals, and other financial activities
• Keeping records of customers’ transactions for at least five years

There are certain circumstances where banks may be allowed to disclose customer data to third parties. For example:

• If a court orders the disclosure of information
• If a customer gives explicit consent to share their data

Data Protection Laws in Poland

In addition to complying with bank secrecy obligations, banks in Poland must also comply with data protection laws. The EU’s General Data Protection Regulation (GDPR) and Poland’s implementing legislation require banks to:

• Handle customer personal data securely and transparently
• Provide customers with clear information about how their data will be used
• Protect data from unauthorized access or disclosure

Consequences of Non-Compliance

Banks that fail to comply with these obligations may face serious consequences, including:

• Fines
• Reputational damage

It is essential for banks in Poland to understand and comply with the laws governing bank secrecy and data protection.

Conclusion

With this Practice Note, banking institutions can ensure they are handling customer data in compliance with Polish law and regulations, while also addressing their data protection obligations under the GDPR and national implementing legislation.