Banking privacy

Is a numbered account anonymous?

 
Contrary to the myth that is still rife, there are no anonymous accounts in Switzerland. The names of owners of numbered accounts are known to the bank but only to a limited circle of people. From the due diligence point of view, there is no difference between a numbered account and a named account.
 
 

What is the legal basis for Swiss banking privacy?

 
The confidentiality of client-related banking information is very well protected in Switzerland. Nevertheless, this protection is not absolute. Swiss banking privacy originates from the protection of the right to personal privacy, anchored in the Swiss Civil Code. The banker's Due Diligence Agreement also stems from contractual bonds between the bank and its client. Finally, it is formally defined in article 47 of the Federal Banking Law, whereby heavy sanctions are imposed should the banker fail to honour his duty of professional secrecy.
 
 

Is Swiss banking privacy absolute?

 
Swiss law specifically provides for cases when banking privacy may be lifted. For example, when criminal proceedings are instigated in Switzerland, under no circumstances may the bank take refuge behind banking privacy to avoid providing the law with information, or if it should be called to witness regarding the accounts of a client in connection with the inquiry. In the same way, if the conditions are met for international co-operation in criminal proceedings, the competent Swiss authorities can be called upon to provide their foreign counterparts with information on accounts held in Switzerland by foreign residents implicated in criminal proceedings.