Contractual Responsibility for the Disclosure of Bank Secrets

Abstract

In Russia, the existing measures of civil liability for disclosure of bank secrecy contribute to the prevention of non-fulfillment of obligations and the restoration of the situation of credit institutions only to a small extent. Thus, the Civil Code of the Russian Federation grants the creditor the right to recover damages. However, it is practically impossible to prove the size of the real damage and loss of profit, as well as the causal relationship between the disclosure of secrecy and losses in fact. The authors discuss the issue of the possibility of introducing legal design of liquidated damages into domestic civil law, which, in their opinion, can minimize the risk of disclosure of information constituting bank secrecy. This is confirmed by the successful experience of applying the design abroad. The article contains an assessment of the possibility of applying liquidated damages to ensure the safety of banking organizations in modern Russian conditions. [ABSTRACT FROM AUTHOR]