Well this can be seen two different ways wither Banco Nacional wants to protect it banking information due to privacy issues or they are doing corrupt banking behind the scenes and do not want it to be exposed. We are in Costa Rica so I am leaning towards the second.
Refusing to give information to the Commission to Promote Competition (COPROCOM), with the allegation of protecting banking secrecy, the National Bank earned a fine close to ¢ 10 million in order to supply the data.
COPROCOM, attached to the Ministry of Economy, Industry and Commerce (MEIC), requested the information regarding National monopoly alleged behavior, but the bank did not provide the data required for research, protected by bank secrecy.
Therefore, based on the Law on Promotion of Competition and Effective Consumer Defense , COPROCOM a short procedure performed by the late delivery of information that led to the fine and the delivery.
The National Bank resorted to the courts, but that his claim was rejected, by stating that the Commission “has power to constitutional and legal research and determine if an operator is committing monopolistic practices.
Juan Carlos Corrales, deputy of the National, said the negative response to a defense of the customer information that could be considered as bank secrecy, to protect its integrity. “We have already been notified and we are hoping that gets the respective process of execution of sentence,” the official said.
