Legal Protection For The Financial Privacy Right Of Commercial Bank Customers

In the modern information age, the bank knows well a great deal of individual financialinformation. Once the information was illegal abused, it will cause great mental damage andfinancial loss to the bank customers. Therefore, customers of commercial bank should beentrusted with the rights to hide and control the financial information of their own and theright to resort to court for remedy after infringement of individuals’ financial information.That is, Right to Financial Privacy. Nevertheless, financial privacy legislation has been rare inChina’s financial legislation and a complete protection system for financial privacy has notbeen set up. More often than not, customers of commercial bank fail to seek protection whentheir financial privacy is violated. This is due to the lack of confirmation of legal status offinancial privacy rights and the ignorance of necessity analysis to financial privacy protection.The thesis is mainly composed of four chapters. The first chapter is about the financialprivacy rights and its legal attributes, in which how Right to Financial Privacy came intobeing is introduced. Moreover, the subject, the object, the powers and functions of finacialprivacy right and its legal attributes of having the right of personality and property right at thesame time are analyzed. The second chapter is about the special necessity to protect financialprivacy right. In this chapter, the author analyzes the necessity of protecting financial privacyright of commercial bank customers from three aspects, i.e. financial privacy’s propertyattributes, the asymmetric information between the customers and the commercial bank andthe development of internet bank. The third chapter is about the legislative status of protectingcustomers’ financial privacy, analyzing from three aspects, confidentiality exceptions andlegal liability respectively. In view of the present situation, the author points out fiveproblems existing in China’s legislation to protect customers’ financial privacy. The fourthchapter is about the legislative proposals in improving China’s financial privacy right so as toprotect the rights of commercial banks’ customers. According to the five problems mentionedin chapter three, this chapter, by drawing on advanced overseas legislation experience forreference and taking into consideration the practical conditions in China, put forward somelegislative proposals to perfect our country’s financial privacy right from eight aspects.