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A privacy policy is a statement or legal document (in privacy law) that discloses some or all of the ways a party gathers, uses, discloses, ...
Financial institutions must create privacy policies, if one was not already in place, and inform customers of their policy [7] Financial institutions must specifically disclose to customers the conditions in which policy exceptions would allow financial information to be distributed to unaffiliated third parties [7]
Compliance by the recipient of the NSL was voluntary, and states' consumer privacy laws often allowed financial institutions to decline the requests. [4] In 1986, Congress amended RFPA to allow the government to compel disclosure of the requested information.
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Banking secrecy, [1] [2] alternatively known as financial privacy, banking discretion, or bank safety, [3] [4] is a conditional agreement between a bank and its clients that all foregoing activities remain secure, confidential, and private. [5]
The Customer Identification Program is intended to enable the bank to form a reasonable belief that it knows the true identity of each customer. The CIP must include new account opening procedures that specify the identifying information that will be obtained from each customer.
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