BANKING IN SWITZERLAND & SWISS BANK CORPORATION

Agenda : Introduction

Swiss banking

Accounts & Laws

Money Laundering

Preventive Measures

Swiss bank history

How to open account

Switzerland officially Swiss Confederation consisting of 26 cantons, with Bern as the seat of the federal authorities.

The Swiss Confederation has a long history of ‘armed neutrality’ it has not been in a state of war internationally since 1815—and did not join the ‘United Nations’ until 2002.

Switzerland is a prosperous nation with a per capita gross domestic product higher than that of most western European nations.

GDP 2012 estimate - Total $363.421 billion - Per capita $45,41.

Switzerland is not a member of the NATO, nor a member of the European Union.

The rights of the individual Swiss citizens are protected by three political safeguards

Chief Executive The Referendum The Initiative

List of banks in Swiss :• Credit Suisse• Hyposwiss Private Bank• Julius Bär & Co. AG• UBS AG

Banque Bonhôte & Cie SA Banque Cantonale de Genève Banque Cantonale Neuchâteloise Graubündner Kantonalbank Hinduja Bank (Switzerland) Ltd ICB Financial Group Holdings AG SIX SIS AG SIX x-clear AG WIR Bank Zurich Cantonal Bank

Banking in SwitzerlandBanking in Switzerland is regulated by the Swiss Financial Market

Supervisory Authority (FINMA) , which derives its authority from a series of federal statutes.

Swiss banks have earned a reputation around the world for providing sophisticated and discreet banking services.

Reasons behind Banking

Services

Security

Secrecy

Banking began in the eighteenth century by way of the riches of merchants.

Wegelin & Co., established in 1741, was the oldest bank in Switzerland

until it restructured into a new legal entity in 2013.

Hentsch & Cie and Lombard Odier both private banks were founded in 1796.

Pictet and Cie was established in 1805 as a merchant bank.

Hentsch & Cie were a founding member of the Swiss National bank during 1852.

First step

Private Banking :Private banks are those which are not incorporated, and hence the

entirety of their partners' assets are available to meet the liabilities of the bank.

These banks have a very long tradition in Switzerland, dating back to at least the revocation of the Edict of Nantes (1685).

- most have become incorporated.

These services are directed primarily at “high net-worth individuals”.

Private Bank

Services :As in most of continental Europe, individuals usually buy and sell stocks and bonds

through their banks.

The Swiss banks collectively have a long reputation for managing investment portfolios for their clients, and providing other services such as estate planning, wealth management, trust companies, etc., for individual customers.

Why Swiss banks are counted as safest banks in the world ?

Switzerland has had an extremely stable economy and infrastructure for many years.

Swiss bankers are also highly trained in investing and know how to grow your money.

Swiss franc is considered one of the world's premier currencies with virtually zero inflation and has been historically backed by at least 40 percent gold reserves.

Swiss banks are also known to have very sophisticated investment services and Internet banking.

Swiss law forbids bankers to disclose the existence of your account without your consent.

In Switzerland, if a banker divulges information about a bank account without permission, immediate prosecution is begun by the Swiss public attorney.

Bankers face up to six months in prison and a fine of up to 50,000 Swiss francs.

Swiss Bank Accounts and the Laws Article47 of the Federal Law ,1934

In following cases there is a duty for bankers to provide information regarding bank account.

Civil proceedings (such as inheritance or divorce).

Debt recovery and bankruptcies Criminal proceedings (money laundering, association with a criminal organization, tax fraud, etc.).

International mutual legal assistance proceedings.

Banking Accounts and Laws :

The Swiss Federal Banking Commission (SFBC) may communicate information only to the supervisory authorities in foreign countries subject to three statutory conditions:

The information given can't be used for anything other than the direct supervision of the banks and can't be passed on to tax authorities.

The requesting foreign authority must itself be bound by official or professional confidentiality and be the intended recipient of the information.

The requesting authority may not give information to other authorities or to other public supervisory bodies without the prior agreement of the SFBC

Money laundering : The Money Laundering Act sets forth requirements of account

holders' identification, and requires reporting of any suspicious transactions to the Money Laundering Reporting Office.

According to the CIA World Factbook, Switzerland is "a major international financial center vulnerable to the layering and integration stages of money laundering.

Secrecy rules persist and nonresidents are permitted to conduct business through offshore entities and various intermediaries.

Legal + Illegal activities --- Bank--- Business--- Bank

Swiss bank

Major banks of Switzerland :

UBS AG

Credit Suisse

Hyposwiss Private Bank

Julius Bär & Co. AG

Swiss Bank Corporation

Swiss Bank Corporation traces its history to 1854.

Swiss Bank's earliest predecessors was driven by the industrialization of the country and the construction of railroads in the mid-19th century.

The onset of World War I put a hold on much of the bank's development.

Although SBC survived the war intact, it suffered the loss of its investments in a number of large industrial companies.

1900–1939

On the eve of World War II, SBC was the recipient of large influxes of foreign funds for safekeeping.

Swiss Bank began the 1990s as the weakest of the "Big Three" Swiss banks but by the end of 1997 would be the driving force behind the merger with Union Bank of Switzerland.

1939-1945

1945–1990

SBC opened new offices in the U.S. in the mid-1960s and it was also at this time that SBC began to expand into Asia and opened representative offices throughout Latin America.

1990–1998

Swiss Bank began the 1990s as the weakest of the "Big Three" Swiss banks but by the end of 1997 would be the driving force behind the merger with Union Bank of Switzerland.

The bank signaled its new posture in 1990 when it opened its new U.S. headquarters, Swiss Bank Tower, A 29 floor building on 49th Street, adjoining Saks Fifth Avenue.

On December 8, 1997, Union Bank of Switzerland and SBC announced an all stock merger.

The all-stock merger resulted in the creation UBS AG, a huge new bank with total assets of more than US$590 billion.

After Merger :

UBS, the successor of the Union Bank of Switzerland, is among the largest diversified financial institutions in the world.

UBS operated in all of the major financial centers worldwide with offices in over 50 countries and 64,000 employees globally.

Head office-UBS AGBahnhofstr. 45P.O. BoxCH-8098 Zurich+41-44-234 11 11

Swiss Bank Corporation, major Swiss bank, now part of UBS AG.

It is a large integrated financial services company located in Switzerland.

History of Swiss Banking Code of secrecy is over 300 years old

The first Swiss banking clients were the kings of France

The Great Council of Geneva , in 1713 , established regulations Bank secrecy was regulated only by civil law at that time.

Specifics :

How to open account ?

If you have liquid assets worth $300,000 or more you may wish to investigate Swiss 'Private' Banking further as their are a wide array of services offered for substantial amounts.

Currently an estimated one-third of all funds held outside their country of origin (sometimes called "offshore" funds) are kept in Switzerland.

You can do it yourself or seek the help of professionals who will open an account for you.

The expenses will vary according to the bank where you want your account opened, the services needed and can easily be upward of 15,000 US dollars + legal fees.

http://open-bank-account.com/switzerland.html

Thank you