Norway: Penetrating the Secrecy of Financial Institutions — A Norwegian Perspective
| DOI | https://doi.org/10.1108/eb025778 |
| Pages | 194-198 |
| Published date | 01 April 1996 |
| Date | 01 April 1996 |
| Author | Tarjei Thorkildsen |
| Subject Matter | Accounting & finance |
Journal of Financial Crime — Vol. 4 No. 2 — International
Norway: Penetrating the Secrecy of Financial
Institutions — A Norwegian Perspective
Tarjei Thorkildsen
INTRODUCTION
Officers and officials of financial institutions arc, as
a basic rule, obliged to keep secret information
obtained by virtue of their position. The same
applies to valuers, commission agents and others
who carry out assignments for business. Such an
obligation is not only laid down in the general
provision on secrecy in the Financial Services Act
1988 (FSA), which applies to all financing busi-
nesses.1 The duty to keep secret information
coming to knowledge in a professional capacity
also follows from the more specific legislation gov-
erning some financial institutions; such as savings
banks,2
commercial banks,3 companies or other
institutions comprised under the Insurance Opera-
tion Act4 and the Norwegian Postbank.5
The said persons not only have to treat as con-
fidential information about the business or private
affairs of other persons.6 The obligation to main-
tain secrecy also prohibits giving away information
concerning the institution itself or other financial
institutions.7
Page 194
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