Legal Compass: Anti-money laundering law reform in the United States: Swiss banks caught between a rock and a hard place

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Legal Compass: Anti-money laundering law reform in the United States: Swiss banks caught between a rock and a hard place

September 14, 2021

Switzerland
Switzerland
Switzerland

Bad news for Swiss banks: under the new 2020 U.S. Anti-Money Laundering Act, US criminal investigative authorities can (directly!) demand Swiss banks to disclose a wide range of client documents. Swiss banking secrecy is no valid defence. Neither is the argument that disclosure would be a crime under Swiss law. Swiss banks should prepare upfront as deadlines for disclosure can be short.

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patrick.eberhardt@eversheds-sutherland.ch

Patrick Eberhardt

Partner

Geneva, Switzerland

tigran.serobyan@eversheds-sutherland.ch

Tigran Serobyan

Partner

Geneva, Switzerland

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