Banking secrecy refers to the practice of keeping a client's financial information confidential. This means that banks are legally obligated to protect the privacy of their customers' accounts and transactions. The goal is to foster trust between clients and financial institutions, encouraging individuals to save and invest without fear of their information being disclosed. However, banking secrecy can also lead to concerns about money laundering and tax evasion. Some countries have strict laws to maintain this confidentiality, while others have begun to relax these rules to promote transparency and combat illegal financial activities. Balancing privacy and accountability remains a key challenge in the banking sector.