San Marino (SM)

Jurisdiction Overview

IDQuestionAnswer
360 *Are there criminal sanctions, custodial sentencing or any other statutory sanctions for breaches of banking secrecy? Yes, there are prison terms for disclosing client's banking data to any third party (and possibly fines).
 Data Date: 2018

Notes

 
Art. 139 of Law 165/2005 says: "The violation of bank secrecy by persons subject to his or her respect pursuant to Article 36 shall be punished with imprisonment of first instance, fine and third-degree invalidity as administrator, prosecutor, mayor, auditor, actuary, liquidator, commissioner at companies or other entities with legal personality. 2. The same penalty applies to anyone who has been abusively or unwittingly aware of data and information covered by bank secrecy, discloses them to third parties or uses them to their own or another's profits." (Google translate). The 2018 Global Forum report does not provide any additional information in this regard (Gf 2018: 67).

Sources

Law 165 of 2005, Art. 139; GF 2018: 67