Swiss Banking Secrecy

The Identity of the Client is Always Known to the Bank

Banking secrecy is the discretion which banks, their employees or persons belonging to any of their bodies must observe in regard to the financial and personal affairs of their clients coming to their knowledge during the exercise of their profession. The clients' identity is always known to the bank. Hence there are no anonymous accounts. Numbered accounts are no more than an internal precaution to ensure that the identity of the account holder is known only to a few people working in a special department of the bank. Why should such a precaution be necessary? For instance, the chairman of a large firm who is also a shareholder in the firm may not wish his identity to be widely known in his bank in case he sells a substantial part of his holding to buy a house.

• Banking Secrecy Has Never Been Absolute
• Origin and Raison d'etre of Banking Secrecy
• Domestic Law: Procedure
• Preserving Documents
• Marriage
• Protection of Personal Data
• Tax Authorities
• Foreign Banks
• Criminal Law
• Funds Derived From Drug-Trafficking
• The Exercise of Due Diligence
• The Fight against Money Laundering in the Financial Sector
• Conclusion

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