Banking in Switzerland provide stability, privacy, security and protection of clients’ assets and information. The Switzerland’s tradition of bank secrecy, which dates to the first codified in a 1934 law. All banks in Switzerland are regulated by the Federal Banking Commission , which derives its authority from a series of federal statutes in Switzerland.
The history of Switzerland Banking
Switzerland is number one world’s largest private banking center with more than 600 major banking mega network. It is in the industry news which estimated that around 65% of all the private wealth globally is controled or held in Switzerland.
Federal Banking Commission FBC regulates the Switzerland Banking sector and ALSO responsible for licensing the local banks or foreign banks. The offices of banks, branches, agencies and representatives of foreign banks are all governed by the Banking Law of Switzerland Banking 1934. The Banking Law and the Federal Banking Commission ofÂ Switzerland regulations ensures secrecy with stringent provisions that play an important role in the appeal of Swiss banks to investors and depositors.