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The Swiss National Bank (SNB; German: Schweizerische Nationalbank; French: Banque nationale suisse; Italian: Banca nazionale svizzera; Romansh: Banca naziunala svizra) is the central bank of Switzerland, responsible for the nation's monetary policy and the sole issuer of Swiss franc banknotes. The primary goal of its mandate is to ensure price ...
When foreign clients deposit holdings into a Swiss bank account, the bank is legally prohibited from disclosing balances or client information to tax authorities. [159] This prohibition can only be waived if the client has produced a written statement of consent or a financial crime has been directly linked to the bank account. [159]
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The Swiss Bankers Association is a professional organization of Swiss financial institutions. Background The trade association known as the Swiss Bankers Association was founded in 1912 in Basel, Switzerland. It is the primary industry group representing the Swiss Banks to the government of Switzerland and to the governments of other states. The unity provided by this organization allows the ...
Some Swiss banks supplement the number with a code name such as "Cardinal", [5] "Octopussy" [6] or "Cello" [6] as an alternative manner to identify the client. [7] However, to open this type of account in Switzerland, clients must pass a multi-stage clearance procedure and prove to the bank the lawful origins of their assets. [8]
When opening a Swiss bank account, Americans have to file an FBAR form with the IRS that discloses the assets. Back when the "international man of mystery" concept of the Swiss bank account holder ...
In 1993, the bank employed 530 employees throughout the canton of Geneva. [4] The current head office of BGE at Quai de l'Île was inaugurated in 1991 by the Banque Hypothécaire du Canton de Genève. The site was the location of numerous mills until the mid-19th century. [7] The Caisse hypothécaire was founded in 1847 by James Fazy. [10]
In the decades following the implementation of the law, Swiss banks were granted the right to use numbered bank accounts and protect client information through a variety of supplementary statutes. Despite significant and controversial global events straining the country's banking secrecy, its laws have been revised minimally and to little ...