Bank Secrecy in Switzerland: Myth and Reality

Legal Basis (art. 47 BA)

Revealing a secret entrusted or known in one's capacity as a bank body, employee, agent or liquidator is punishable by up to three years or monetary penalty. A criminal offence.

Internal Scope

Between client and bank: cannot disclose client information to private third parties without consent. Exceptions against Swiss authorities: criminal proceedings (art. 263 para. 1 CrimPC), tax investigations, anti-money laundering (art. 9 AMLA: mandatory reporting of suspicious transactions to MROS).

Automatic Exchange of Information (AEOI)

Since 2017, Switzerland exchanges financial information with 100+ jurisdictions under the OECD Common Reporting Standard (CRS), implemented via the AEOIR Act. Banks transmit data on accounts held by foreign tax residents to the Federal Tax Administration, which shares it with the residence country's tax authorities.

Information exchanged: account holder identity, account numbers, balances and financial income (interest, dividends, sale proceeds).

What Remains

Between private parties: bank secrecy retains full force. Banks cannot disclose to creditors, ex-spouses or competitors without legal basis or consent. Internal protection: criminal sanction under art. 47 BA remains in force.

Exceptions: succession (heirs' right to account information), divorce (court may order production, art. 170 CC), debt enforcement (enforcement office may obtain information, art. 91 DEBA).