Oct. 18 (Bloomberg) -- Nicolas Pictet, a managing partner at Pictet & Cie., said it would be “very difficult to still earn money” should Swiss banks have to verify their customers are tax-compliant through a signed declaration, HandelsZeitung reported.
Such a system would create “endless bureaucracy,” the Swiss newspaper cited Pictet as saying in an interview.
Switzerland is developing a “white-money strategy” that may include stricter due diligence requirements to prevent wealth managers accepting undeclared assets, the federal government said in February. Measures may include self-declarations from customers and an obligation on banks to ensure their clients are tax-compliant.
Swiss private banks may earn less if they only handle tax-declared money from European clients, HandelsZeitung cited Pictet as saying. “The fees are not much lower but we must provide more in return,” he said, according to the newspaper.
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