Legal, Ethical & Regulatory Issues
The online banking industry is a growing and a continually evolving business. This paper will identify and describes the legal, ethical, and regulatory issues that impact online banking the Websites. Business ethics examines ethical rules and principles within a commercial context involved in e-commerce are faced with the same if not more legal issues as any other business; these issues include, but are not limited to jurisdiction, contract, and legitimacy in the banking. Banks such as Wells Fargo, Wachovia, and Bank of America using Websites to conduct electronic commerce should adhere to the same ethical standards that other businesses follow." (Schneider, 2004). Ethics play an integral role in online banking because the potential for abuse is great. Each of the three selected business in the online banking industry have posted their ethical standards on their websites. There are many legal and regulatory issues that affect banking websites, trademark infringement, name changing and name stealing, protecting intellectual property, and advertising regulations as well as online crime and online warfare and terrorism. There are various legal, ethical, and regulatory issues that will be addressed in this paper and we will focus on the most important aspect and that is that e-business must comply with all of the same laws that other businesses. Internet usage comes with it own risk but when doing banking business online people want to be assured that there are laws that will protect them in every situation. In most banks and most situations there are laws that are available to protect, most if not all, of banking transactions. Online bankers are subject to the same rights and protections of those traditional banker users. The government has made it their responsible for regulating usage, makes ethical laws and enforces those laws in order to make banking safe for all individual and business users. Some protections...
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