Swiss Banks Sometimes Overstep on Tax Compliance, Ombudsman Says
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Swiss banks sometimes go too far to ensure their foreign clients comply with tax rules, potentially causing “very unpleasant consequences,” Swiss Banking Ombudsman Marco Franchetti said.
Measures banks took ranged from increasing fees to terminating relationships with clients abruptly, Franchetti said at a news conference in Zurich today. Banks often cite instructions by the banking regulator to analyze legal risk as a reason for the steps, he said.