Book review: Ariel Sergio Goekmen – Threats to the Privacy of Wealthy Families and Entrepreneurs
The banking environment in the EU and in the US has become more and more regulated and the information exchange and collection practice more onerous says Ariel Sergio Goekmen in his latest book “Threats to Privacy of Wealthy Families and Entrepreneurs.”
The book explains that many of the new regulations mean that formerly private family account details will now be freely available to governments within Europe and the US because the US has, for instance, gained access to the global payment transactions company SWIFT without any court rulings and are able to analyse all payments and money movements.
One of the problems with these open systems of information transfer says Goekmen are that it could affect the personal safety of wealthy families. Some of the data that seems non important might contain dates and whereabouts of children and routines and other habits which ultimately once in this domain could become public. He says governments sometimes disseminate data by chance, error or design. Another example of problems is if a less democratic form of government were to come into power in a country then information can be used against wealthy individuals, families and entrepreneurs.
He says data crime with unscrupulous employees is also another risk within banks and something that wealthy families should consider when looking at what country or bank they wish to use.
Goekmen finishes by saying that in continuing to protect the wealthy Swiss advisors must take on board that Swiss banking secrecy and confidentiality are important but that the industry needs to modernise and understand also that it has a role to play in helping families comply with international regulations and that advisors must not be afraid to ask questions of clients in order to add value.
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