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Truth or tale: can any foreigner place millions at a Swiss bank?

Scandals featuring foreign despots hiding assets in Switzerland have prompted Swissinfo readers to ask if it is true that anyone can place huge sums of money in the country’s financial institutions. Anyone can request to open an account at a bank in Switzerland, the Swiss Bankers Association explains on its website. But first, a potential client has to go through a series of checks, including identity verification and disclosing the name of the beneficial owner of the funds they plan to deposit. These checks are part of due diligence obligations that financial institutions have to follow under the Swiss banks’ code of conduct and the Anti-Money Laundering Act. These rules are the first line of defence against so-called dirty money – proceeds from criminal activity – entering the Swiss financial system. A bank can therefore reject a new client if there are doubts about their identity, the beneficial owner or the origins of the assets. But cases sometimes slip through the cracks. The ... Full story here Are you the author?
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Swissinfo
SWI swissinfo.ch – the international service of the Swiss Broadcasting Corporation (SBC). Since 1999, swissinfo.ch has fulfilled the federal government’s mandate to distribute information about Switzerland internationally, supplementing the online offerings of the radio and television stations of the SBC. Today, the international service is directed above all at an international audience interested in Switzerland, as well as at Swiss citizens living abroad.
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Permanent link to this article: https://snbchf.com/2026/03/truth-foreigner-millions-swiss-bank/

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