As the 2015 filing deadline for the Report of Foreign Banks and Financial Accounts (FBAR) inches ever closer, the Swiss are apparently trying to shed their image as jovial and happy-go-lucky chaps who never share their banking secrets with anyone, no matter how much beer they may consume. “Transparency” is the new buzzword inside Zurich bank lobbies and on reasonably secure financial websites, as Swiss banks try to deal with an unprecedented government crackdown on foreign account holders.
These banks are not motivated by an altruistic impulse to help their valued customers “do the right thing.” One Swiss private bank – BSI SA, which is nestled on the peaceful shores of Lake Lugano – recently paid a whopping $211 million in fines for issuing nameless debit cards and coding transactions. When your friendly neighborhood banker is faced Read More
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