Bank´s Duty of Confidentiality

Article by Michael Kutschera, Thomas Schirmer and Alexander Kramer

There is no bank secrecy to the extent that a disclosure of bank secrets is necessary for the assessment of taxes to be paid by the banks themselves: BWG, s 38(3). Certainly, bank secrets obtained by the (fiscal) authorities in such manner are subject to official secrecy and must not be passed on to other public authorities or used in whatever manner in regard to third parties to which such bank secrets relate.

There is further no bank secrecy with respect to the Austrian National Bank’s right to certain information in matters of exchange control,⁵⁷ with respect to certain notice requirements under the Income Tax Act or other revenue laws, further, in regard to the right to information of, and the duty of disclosure to, the FMA in its function as bank