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| Bank client confidentiality |
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What does bank client confidentiality mean?
 Bank client confidentiality means that the banks have a duty to keep confidential all facts that involve their customers. At the same time, it is a right of the customer, for it is the customers not the banks who are entitled to the protected data. Bank client confidentiality protects the clients’ privacy and is thus comparable to the discretion exercised by lawyers or doctors. The right to privacy is a mainstay of the Swiss legal system, and it is laid down in the Federal Constitution (section 13).
Does bank customer confidentiality shield criminals?
No. Bank customer confidentiality has never been absolute. Swiss banks are obliged, for example, to disclose information in criminal proceedings against their clients. This is an absolute obligation, regardless of whether the offence was committed in Switzerland or abroad. Compared with other countries Switzerland has always been very successful at combating organized crime and money laundering. Switzerland is one of the cleanest financial centers in the world.
Can accounts be opened anonymously in Switzerland?
No, that is not possible. Banks follow so-called "know-your-customer" rules which require staff to identify the person opening an account and, where necessary, to establish the identity of the beneficial owner. Incidentally it was the banks themselves who drew up the extremely strict, internationally recognized rules for verifying the identity of their clients as a deterrent to money of criminal origin.
But numbered accounts are anonymous, aren’t they?
No. Contrary to what one might gather from thrillers and the media, there is no such thing as an anonymous account in Switzerland. The name of the holder of a numbered account is known, though only to a small group of people inside the bank. As far as bank customer confidentiality is concerned there is no difference between numbered accounts and any other sort of account.
Doesn’t banking secrecy obstruct international tax harmonisation?
Every state is responsible for making sure its tax system is fair and the tax burden reasonable. Governments must be aware that a rising tax burden makes a country less attractive and induces tax-payers to avoid a burden that they perceive as disproportionate. So the solution must be sought not in tax harmonisation, but in promoting tax competition. Bank customer confidentiality definitely does nothing to interfere with that.
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