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Bank secrecy analysis

About the author

Accountant-Lecturer
Level
General public
Study
finance
School/University
California

About the document

Published date
Language
documents in English
Format
Word
Type
case study
Pages
7 pages
Level
General public
Accessed
0 times
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Committee Oboolo.com
  1. Introduction
  2. In Switzerland, Bank secrecy
  3. Fabien Alberty
  4. Private banking
  5. U.S Bank secrecy act, enacted in 1970
  6. Conclusion

Banks under the protection of secrecy are forbidden to give out information about the accounts of their customers to the authorities unless there are special circumstances, such as filed criminal complaints about the customers (Kingsbury, 2009). The main features of banks that provide bank secrecy include personalized customer care and more advanced security systems to safeguard both identity and capital of the customer. For these reasons, their services are more expensive than similar services by regular banks (Cartwright, 2005).

In Switzerland, Bank secrecy was created by the Swiss-banking act in 1934 and resulted in the formation of the world famous Swiss bank. Bank secrecy is one of the fundamental principles of private banking. Creation of private banking is Switzerland saw the emergence of Swiss banks as the most-reputable banks in the world. Literature and films portray them model-banking systems where all the influential persons, celebrities and leading politicians have accounts. In the list of people in the list of prominent Frenchmen with Swiss accounts included the richest men in France in the day, including the Peugeot brother among other wealthy families.

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