Posted on 09 May 2011
Tags: account, accountholder, bank act, Bank secrecy, Banking in Switzerland, banking information, banking system, Banks, borrowings, criminal offence, criminal offense, death sentence, financial crunch, fiscal requirements, french kings, german citizens, german gestapo, information secret, Jews, secrecy rules, swiss bank account, Swiss Bank Accounts, swiss bankers, swiss bankers association, swiss citizens, swiss civil code, Swiss National Bank, UBS, united states, World War II, ww
The Swiss banking system follows code of secrecy for more than 300 years. The code of secrecy started from, the era of French Kings who needed high confidentiality, the fiscal requirements and capacity to return the borrowings.
The legality of the secrecy is even much older than the system. In 1973, The Great Council of Geneva implemented directives to keep all the information of their account holders secret for the bankers.
Switzerland’s Bank Act of 1934
This confidentiality of information made the Swiss bank accounts more popular around the globe to keep the funds of various rulers and other secret and safe. The banking rules permit any account holder to claim damages from the banker in case he or she perceives that his or her information had been leaked anyway. But the banker could not be prosecuted for criminal offense for disclosing the information. The same secrecy codes prevailed until the end of nineteenth century.
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Posted on 14 January 2011
Tags: Banking in Switzerland, banking services, banks in switzerland, bonds, central bank, Credit Suisse, federal act, Federal Government, FINMA, high-interest, individual investors, Investment Fund, investment funds, investors, Major, minimum balance, numbered account, private banking, private banking services, private banks, rate interest, securities markets, semi-government banks, Standard, stocks, stocks bonds, supervisory authority, swiss bank, swiss bank account, Swiss Bank Accounts, Swiss Banking Procedures, Swiss banks, Swiss banks-Postal, Swiss Financial Market Supervisory Authority, Swiss National Bank, Switzerland, UBS
Swiss Financial Market Supervisory Authority (FINMA) regulates all the banks in Switzerland. The Swiss Financial Market Supervisory Authority is an institution that regulates activities related to bank, securities markets and investment funds.
Major Banks
Four type of banks operate in Switzerland, Central bank, private banks, semi-government banks, there are 327 authorized banks in Switzerland, UBS and Credit Suisse are the largest Swiss banks and account for over 50% of all the deposits in Switzerland. The Swiss National Bank, founded by Federal Act serves as central bank. The federal government does not hold any shares; its shares are publicly traded and are held by the individual investors, and are held by private and semi-government banks.
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Posted on 03 March 2009
Tags: Adam, Adam Kritzer, Advisor, American International Group, Amy Nutt It, Anne Durrel, Australia, Bad Bank, bank, Bank of Canada, banker, BBC, Brian H. Miller Have, Brian H. Miller It, CAD, California, charges banks, Chris Huhne, Christian Significant Hint, Christian Significant Hint As, Contractor, Dow 30, e-realestatearticles, Eastern Europe, Elizabeth Hester, European Central Bank, foreign exchange derivatives group, head, HSBC, Jean-Pierre Roth, JPMorgan, JPMorgan Chase & Co, judge, Krissy Mangum Lately, Krissy Mangum Sometimes, Kurt Schefken, Lee A Beattie Bad, Liberal Democrat, Loans BofA chief, London, New York, NHK, OTTAWA, Paul Cameron Life, Paul Easton, Paul Krugman, Private, proper liability insurance, Public broadcaster, Remodeling Contractor, Reserve Bank of Australia Surprises, REUTERS UK, Sandy Franks, Shadow Home Secretary, Swiss National Bank, Switzerland, Sydney, Taipan Publishing Group, The Reserve Bank of Australia, Tokyo, Toyota, U.S. government, united states, USE OF ILLEGAL LOAN SHARKS WAS SHORED UP BY ECONOMIC ILLITERACY AND AN OVERSTRETCHED SOCIAL FUND FOR VULNERABLE FAMILIES, White House, YAHOO
