The head of the Financial Supervision Authority, Kilvar Kessler, says that Estonia's laws on bank secrecy protection should be reviewed. If this is not done, it could harm the trustworthiness of banks and the Estonian economy.
Kessler told ERR that all regulations related to bank secrecy in Estonia should be reviewed. It should align with the Estonian Constitution and the needs of modern society.
„Modern technology can help better control, but it must not become a tool that violates people's rights,“ explained Kessler. He added that the technology used by the state must be legal and proportional. This requires strong and public oversight.
Kessler recalled that the Credit Institutions Act has been amended repeatedly. The issue of bank secrecy has received much attention recently. The Chancellor of Justice, Ülle Madise, found that some state institutions have gained access to bank secrets without proper legal justification.
Kessler said that the Estonian economy heavily depends on banks, which use people's deposits. „The Financial Supervision Authority has reprimanded banks when they have violated bank secrecy. Now, however, the state may have violated the law. Violations of bank secrecy must be taken very seriously so that people do not start distrusting Estonian banks,“ said Kessler.
In addition, the Authority wants to review, together with banks, the information technology infrastructure related to the execution register.