According to the Swiss Bankers Association, bank-customer secrecy is lifted in cases of criminal investigations (money-laundering, membership in a criminal organisation, theft and tax fraud, for instance), in bankruptcy proceedings and in civil proceedings (inheritance or divorce, say).
"As Apple gets bigger and more complex, with more products, more partners and more customers, secrecy will become increasingly difficult," explained Adam Lashinsky, author of "Inside Apple" and writer for Fortune.
The country has, until recently, been one of the world's top tax havens with a long tradition of total secrecy for its banks' customers.
Data brokers typically amass data without direct interaction with consumers, and a number of the queried brokers perpetuate this secrecy by contractually limiting customers from disclosing their data sources..
Rather it is purely in aid of ensuring secrecy of its product strategy with customers.
The Fed's manual on the Bank Secrecy Act still says that "know your customer" rules, while desirable, are "not presently required by regulation or statute" -- though the Patriot Act has spawned some rules on the identification of new customers.
For years, representatives of UBS solicited customers in the U.S., citing Switzerland's vaunted bank secrecy laws as a way to hide assets and income.
Done right, though, the secrecy tactic makes the brand seem hip and the customer feel special — something even Starbucks has seemingly begun to recognize.
Done right, though, the secrecy tactic makes the brand seem hip and the customer feel special something even Starbucks has seemingly begun to recognize.
Legitimate lenders are required to adhere to rigorous BSA (Bank Secrecy Act) requirements and have a stringent KYC (Know Your Customer) Policy.
HSBC now accepts that customers, many of them British, had been taking advantage of the secrecy on offer to set up undeclared Swiss accounts.
