The article contains general analysis of legal science, modern Russian legislation and established practice in applying the law concerning such confidential information legal regime as bank secrecy. Modern Russian legislation gives a sufficient definition to the information constituting bank secrecy. In this situation, the courts often resort to broad interpretation and tend to refer to banking secrecy publicly available information or the information subjected to other legal regimes of confidentiality. The article provides the conclusion that publicly available information on the entrepreneur’s bank account cannot be referred to the information constituting bank secrecy. The author comes up with the proposal to apply to the individual, a customer of credit institution, not the banking secrecy regime, but the regime of personal data. Critical assessment is given to the right of the credit organization, provided by the legislation on bank activity, to independently classify other information as bank secrecy. The author points out that above mentioned credit organization right should be excluded from the federal act “On the Banks and Banking Activiy”.