Posted on 20 January 2011
Tags: account, account holder, accounts, America, amoun, Auditing, auditor, bank, bank account, Bank Accounts, Bank secrecy, banker, bankers, banking, Banking in Switzerland, banking laws, bankrupt, bankruptcies, Banks, banks in switzerland, Business_Finance, capacity, citizen, conditions, country, court, credit, criminal proceedings, Deposit account, different methods, Economy of Switzerland, employee, Ethics, EUR, European Union, Federal law, Federal Reserve System, government, Inheritance tax, interest, investmen, Law of the United States, laws, laws and regulations, legal formalities, Offshore bank, private citizen, regulations, savings, savings banks, securities, Swiss, swiss bank, swiss bank account, swiss bank account exemptions, swiss bank account laws, swiss bank account regulations, Swiss Bank Accounts, swiss banker, swiss bankers association, Swiss banks, swiss federal banking commission, swiss government, Switzerland, taxation, Terms And Conditions, UBS, united states, USA, With-holding
Opening an account in Swiss banks is accompanied with some rules, laws, and regulations. The basic rule is about the age of account opener, that if the account opener is a national of any other country, other than Switzerland, that account opener should be above 18 years old. The exemption and taxation on your amount is also done under certain rules.
Laws and Regulations of Swiss Banks
In Switzerland, nobody, even the Swiss government is allowed to reveal any information regarding accounts or account holders until an account holder is not a criminal.
But in USA even a private citizen has an easy access to it, i.e. in America any one; even a normal citizen can get information of any account holder. The Swiss banker’s requirement of client confidentiality is found in Article 47 of the Federal Law on Banks and Savings Banks, which came into effect on November 8, 1934. In the books of banking laws, this article act is defined as;
“Anyone acting in his/her capacity as member of a banking body, as a bank employee, agent, liquidator or auditor, as an observer of the Swiss Federal Banking Commission (SFBC), or as a member of a body or an employee belonging to an accredited auditing institution, is not permitted to divulge information entrusted to him/her or of which he/she has been apprised because of his/her position.”
Exceptions of Swiss bank accounts
It is discussed in Swiss Bankers Association that no bank is allowed to provide the information and details of any account to any one.
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Posted on 06 March 2009
Tags: airline credit card, America, American International Group, Asia, Atlanta, AUD, bank, Bank of England, Barcelona, Best Rated Debt Consolidation Loan Company, CAD, car loan, cent, central bank
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