Session
Law
Description
Despite being one of the most developed and regulated countries in the world, Switzerland is also considered to be the leading financial center in the world. Everyone agrees with the fact that banking is one of the most recognizable activities in Switzerland, and also places it among the most important international financial centers with a long tradition, stretching back to medieval times.
Swiss banking is a synonym for a banking system in which the principle of secrecy in banking is widely used. Banking secrecy as an established practice is based on the fact that customer data is kept secret for all third parties, whether private or public authorities. Banking secrecy as an institution is based on the fact that every client of the bank has the right to confidentiality of information and data when dealing with the bank, and that confidentiality excludes the ability of the third party to obtain information from the bank. Bank secrecy is an extension of the concept of banking discretion, which implies the professional obligation of bankers to keep clients' personal and financial information strictly confidential.
Banking secrecy in Switzerland, although it has changed its role over the years, especially in tax matters, still exists as an obligation for all Swiss banks. The Swiss banks, as well as the Swiss tax authorities, no longer have the right to refuse to provide (submit) property data of the taxpayer, referring to bank secrecy. However, without a special request, no information will be provided to anyone. The provision of information will in principle be secured in court, on the basis of the citizen's rights under Swiss law, and thus banking secrecy will continue to protect banks' clients from illegitimate requests for information by third parties, except cases of criminal activity and inheritance.
Keywords:
Banking Act, FADP, offshore banking, privacy, bank secrecy, account statements, legal protection.
Session Chair
Bekim Sejdiu
Session Co-Chair
Jorida Xhafaj
Proceedings Editor
Edmond Hajrizi
ISBN
978-9951-550-19-2
First Page
19
Last Page
29
Location
Pristina, Kosovo
Start Date
26-10-2019 11:00 AM
End Date
26-10-2019 12:30 PM
DOI
10.33107/ubt-ic.2019.32
Recommended Citation
Nuredini, Bashkim and Dodevska, Vesna Paunkoska, "Protection of privacy and banking secrecy in Swiss banking" (2019). UBT International Conference. 32.
https://knowledgecenter.ubt-uni.net/conference/2019/events/32
Included in
Protection of privacy and banking secrecy in Swiss banking
Pristina, Kosovo
Despite being one of the most developed and regulated countries in the world, Switzerland is also considered to be the leading financial center in the world. Everyone agrees with the fact that banking is one of the most recognizable activities in Switzerland, and also places it among the most important international financial centers with a long tradition, stretching back to medieval times.
Swiss banking is a synonym for a banking system in which the principle of secrecy in banking is widely used. Banking secrecy as an established practice is based on the fact that customer data is kept secret for all third parties, whether private or public authorities. Banking secrecy as an institution is based on the fact that every client of the bank has the right to confidentiality of information and data when dealing with the bank, and that confidentiality excludes the ability of the third party to obtain information from the bank. Bank secrecy is an extension of the concept of banking discretion, which implies the professional obligation of bankers to keep clients' personal and financial information strictly confidential.
Banking secrecy in Switzerland, although it has changed its role over the years, especially in tax matters, still exists as an obligation for all Swiss banks. The Swiss banks, as well as the Swiss tax authorities, no longer have the right to refuse to provide (submit) property data of the taxpayer, referring to bank secrecy. However, without a special request, no information will be provided to anyone. The provision of information will in principle be secured in court, on the basis of the citizen's rights under Swiss law, and thus banking secrecy will continue to protect banks' clients from illegitimate requests for information by third parties, except cases of criminal activity and inheritance.