International Banking - Law Applied In The Global Sphere

Banking laws in the US and the international community are not the same. The United States has some of the most progressive and protective banking laws in the world. Banking laws in other countries may not afford a depositor the same protection the US laws do. While many countries disagree on some aspects of banking, such as: privacy rights of depositor accounts and requirements for opening or maintaining a bank account, almost all countries have agreed on certain principles.

Common International Banking Laws

Today, almost all countries are involved in an international effort to combat money laundering and transfers of funds between criminal groups and terrorist organizations. Many countries have agreed to implement strict procedures and requirements to help hinder activities.

While no country is obligated to follow international banking laws, almost all countries in the world have now agreed to do so voluntarily. The result of this agreement is a banking system that is more open and transparent and makes financing criminal and terrorist activities more difficult.