Legal, Ethical and Regulatory Differences

Legal, Ethical and Regulatory Differences

The popularity of electronic banking via the Internet continues to expand along with the popularity of the Internet. It is becoming clear that many consumers and businesses, particularly those who are technologically sophisticated, are continuing to utilize this new electronic delivery method as an attractive option for banking and payment services. In response to this growing trend, a number of financial institutions are offering services via the Internet with information as to how to conduct any of the customer banking needs on the Internet. It is important to recognize that what is described as a new form of banking-electronic banking-simply involves delivering or gaining access to existing retail banking products and services in a new way. This paper will discuss the ethical, legal, and regulatory differences among financial institutions. This paper in particular will discuss Citibank’s use of ethical, legal and regulation procedures.

Citibank’s security in general is committed to providing customers with a secure and protected environment for all online banking and brokerage needs. As part of Citibank’s commitment to keep all data being transferred via online protected, Citibank installed software to encrypt information as it passes between the end users’ computer to the bank’s system and applications. It is Citibank’s belief and is an extremely important value to always follow safe computing practices when using the Internet.

Citibank’s online privacy statement is available to those who have access to account information. The privacy statement is highly visible to the end user to ensure the customer and to heighten their awareness of the banks effort to safeguard any information that customers’ share; including authorized employees who are trained to handle customer information. In order to maintain control over the customers’ information, Citibank is committed and will not reveal any customer information to...