Privacy is a central principle when banking in Switzerland. Swiss financial institutions and bankers are not allowed to provide information on the existence of any bank account. Furthermore, banks in Switzerland cannot provide information about their clients’ bank accounts without consent with limited exemptions related to tax fraud and criminal activity. That means your information will not be shared with foreign or Swiss authorities in most circumstances. As a result of very strict Swiss banking privacy, banks are very careful about sharing information and take protecting privacy seriously
If Swiss bank secrecy laws are violated, offenders face strict penalties. Bankers are subject to six months in prison and a fine of up to 50,000 Swiss francs if account information is shared without consent. If information is shared, Swiss prosecutors must begin legal proceedings. It is not the responsibility of individual account holders to begin legal action, unlike when attorney-client or doctor-patient confidentiality is broken in countries like the United States. Banking clients who have their information shared can also sue banks for damages. Swiss banking lawyers can help clients navigate through the legal system to ensure their information is protected. They can also provide advice on how to begin action against banks when suing for damages.
