Summary
Includes related article on costs of Swiss private banking and asset management - Swiss bank secrecy
Individuals planning to open bank accounts in Switzerland would benefit from knowing a number of facts about the Swiss banking system and its much-vaunted secrecy. For one, the range of information covered by banking confidentiality is broad and there are many laws providing criminal sanctions for violation of client confidentiality or attempting to induce others to violate professional confidentiality. However, these laws do not protect criminals. The famous 'numbered account' is a normal account, the detailed data of which are accessible only to selected bank officers.See the full content of this document
Extract
Secrecy still remains the key to the Swiss account.
Frequently asked questions about Swiss bank secrecy. What it means for the customer
1. What is banking confidentiality? In broad terms, banking confidentiality is the banker's professional obligation to keep the details of a client's financial and personal affairs strictly private. Confidentiality is a matter of both contractual agreement and public duty. Under Swiss law, violating this professional obligation is subject to criminal prosecution. Other laws, such as those which protect privacy, safeguard confidentiality as well. Art 47 of the Swiss Banking Act provides for criminal sanctions (imp...See the full content of this document
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