Swiss laws are very strict regarding the relationship between a bank and its customers. If the bank violates this relationship a punishment shall be imposed. Banks must very careful therefore and not divulge any kind of information regarding their customers, without, taking permission.
Punishment
Swiss law treats a violation by the bank very seriously. The Swiss public attorney will immediately start prosecution against the bank.
The punishment imposed could be up to 6 months of imprisonment and a fine of 50,000 Swiss Francs. In addition you may even sue the bank separately.
Exceptions
There are certain exceptions to this strict law of privacy. Information may be divulged if criminal activities are taking place. This includes drug trafficking, organised crime or insider trading.
Privacy
The biggest advantage of having a Swiss bank account is the privacy that you can enjoy. The privacy allowed to a customer is indeed a blessing. You might not want anyone to know about your money.
