Swiss Banking Secrecy

Domestic Law: Procedure

1. In the course of criminal proceedings relating to a crime or offence committed in Switzerland (theft, breach of trust, fraud, receiving stolen goods, etc.) the courts can oblige a banker to supply information, provided that it is strictly limited to what is required in the investigation; elements concerning third parties may in principle not be revealed, unless absolutely required
2. On the other hand, cantonal laws of civil procedure are not unanimous on this point. They can be divided into three groups:

• those containing a blanket provision that dispenses persons bound by professional secrecy (including bankers) from giving testimony;
• those that allow the courts to decide;
• those that take no account of the bankers duty of professional secrecy.

In compulsory liquidation proceedings, banking secrecy can be waived in respect of an obstructive debtor if the debt is recognised at law. The same is true in the case of a bankruptcy. In a recent bankruptcy matter where the judge had ordered a seizure, the court held that the banks are only obliged to provide the receiver with information relating to assets which actually were the property of the debtor.

• Banking Secrecy Has Never Been Absolute
• The Identity of the Client is Always Known to the Bank
• Origin and Raison d'etre of Banking Secrecy
• 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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