Swiss Federal Act on Banks and Savings Banks | 2 FINANCIAL SERVICES Swiss Federal Act on Banks and Savings Banks 952.0 (Banking Act; BA) 1 dated 8 November 1934 (version as at 1 January 2019) The Swiss Federal Assembly of the Swiss Confederation,based on Articles 34 bister, 64 and 64 of the
Jan 02, 2017 · Swiss banking secrecy nears end following new tax rules. Published Mon, Jan 2 2017 6:12 AM EST Updated Mon, Jan 2 2017 8:37 AM EST. David Reid @davyreid73. Banking Ordinance, BO (August 2017) Banking Ordinance, BO (August 2017) Unofficial translation of the ordinance on Banks and Savings Banks. a Swiss legal entity A further requirement is that an institution with a FinTech licence (persons under Article 1b of the Banking Act) must be a company limited by shares, a corporation with unlimited partners or a limited liability company and must have its registered office and conduct its business activities in Switzerland. By establishing and enforcing the Banking Act of 1934, Switzerland was able to maintain their position as a neutral state and prevent interference with private affairs. Another factor that led to the reinforcement of this federal law came during the reign of Hitler and the Nazi regime, when a German law was instated that deemed any German with The Swiss Bankers Association (SBA) is the leading organization of the Swiss financial center. The main objective of the SBA is to maintain and promote an optimal environment at home and abroad for the financial center Switzerland.
Violation of banking secrecy is a crime in Switzerland; therefore Swiss banks must consider carefully potential threats to secrecy from the use of cloud services. The most relevant regulations outlining a bank’s duties in the area of banking secrecy are: 47 of the Banking Act, which states in principle that the disclosure of a secret by
Banking in Switzerland is characterized by stability, privacy and protection of clients’ assets and information. The country’s tradition of bank secrecy, which dates to the Middle Ages, was first codified in a 1934 law.All banks in Switzerland are regulated by the Federal Banking Commission (FBC), which derives its authority from a series of federal statutes. […] Apr 26, 2020 · The Swiss Banking Law of 1934 made it criminal for Swiss banks to disclose the name of an account holder. Similar to the confidentiality protections between doctors and patients or lawyers and
A Swiss bank account is an account that any person can open at a bank in Switzerland (including cantonal banks). The account is identified by a number rather than the client’s name in order to keep the identity of the account holder anonymous.
A recent Supreme Court decision concerned a case in which a relationship manager with a Swiss bank had left said bank without the relevant bank's client being informed. The relationship manager continued to act on the client's behalf and gave investment orders to the bank, which the bank followed. The bulk of the court's decision discussed how the relevant damages suffered by the client must