The bank notoriously pleaded guilty in 2014 to criminal charges for "knowingly and willfully" helping U.S. clients hide offshore assets and income from the IRS.
    • Jummit@lemmy.oneEnglish
      2·
      1 year ago

      I was thinking the same thing; isn’t the Swiss bank rich because of this reason?

      EDIT:

      The Swiss Banking Law of 1934 made it criminal for Swiss banks to disclose the name of an account holder. Similar to the confidentiality protections between doctors and patients or lawyers and their clients, these protections are the primary reason that Swiss bank accounts are so popular with wealthy banking customers around the world.

      Source: https://www.investopedia.com/ask/answers/08/swiss-bank-account.asp