On the Constitutional Court’s Position about Freedom and Privacy as Business Strategy in the Banking Sector

Anna Shashkova () and Michel Verlaine ()
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Anna Shashkova: Moscow State Institute of International Relations (MGIMO University)
Michel Verlaine: ICN Business School

Chapter Chapter 21 in Technology and Business Strategy, 2021, pp 285-294 from Springer

Abstract: Abstract The aim of this chapter is to analyze the position of the Constitutional Court of the Russian Federation on the matter of digital uncertainty in restricting constitutional rights of citizens to inviolability of professional and banking secrecy in effecting controlling activities. The result of the present research is the authors’ conclusion on the necessity of the political establishment to improve the Russian legislation with the aim of compliance with the provisions of the Constitution. Attempts by the banks to “over-implement” anti-money laundering law under the threat of severe sanctions of the regulators actually lead to failures in the execution of the normal economic activity and their business strategy. This leads to digital uncertainty with payments on a clearing basis in addition to problems with cash withdrawals for individuals. The chapter focuses on different theoretical approaches toward the concept of “secrecy”. The Constitutional Court of the Russian Federation in consideration of the Constitution of the Russian Federation has its special understanding of the issue, which should be supported by further digital solutions and legislative development in the Russian Federation.

Keywords: Constitutional Court; Business strategy; Restriction of constitutional rights; Digital uncertainty; Bank secrecy; Control measures; Money laundering; Financial control; Banking information; Digital solutions; K10 (search for similar items in EconPapers)
Date: 2021
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-030-63974-7_21

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DOI: 10.1007/978-3-030-63974-7_21

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