From discretion to due diligence

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For most of the twentieth century, the Swiss financial centre regarded the origin of its clients' assets as their private affair. Banks verified the identity of their clients in a general way without asking where the money came from, while the culture of discretion that Part C described discouraged curiosity. This attitude made Switzerland attractive to clients with legitimate needs for privacy and to clients who wished to hide assets from their governments, their creditors, their families or the law. It also exposed the financial centre to scandals that damaged its reputation. Step by step, these scandals led to the construction of one of the most elaborate anti-money laundering regimes in the world.

This chapter traces the development of this regime. It begins with the self-regulation of the banks after the Chiasso scandal of 1977 and follows the Anti-Money Laundering Act of 1997 and its revisions, the criminal offence of money laundering, the identification of beneficial owners, the reporting of suspicious transactions and the cooperation with foreign authorities. The regime is examined from the perspective of a practitioner who advises financial intermediaries on compliance and defends clients and institutions in proceedings: two sides of the same field, both of which the author knows from his practice.

For general information only. This article does not constitute legal or tax advice, does not replace advice on an individual case and creates no lawyer-client relationship. It reflects the legal position as of August 2025.

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Dr Alexander Ressos, TEP

Rechtsanwalt/Attorney-at-Law

I am a Swiss attorney-at-law and also admitted as a solicitor in Hong Kong and in England & Wales, with almost 25 years of experience.

Together with my multilingual team, including Chinese, Japanese, Korean, Russian, Ukrainian and French native speakers, I advise companies and their owners from around the world on the full range of banking, corporate, commercial and tax law matters in Switzerland, including international tax planning, fiduciary services, and legal family office services including immigration & relocation or real estate investments. My practice has a particular focus on clients from growth and frontier markets in Greater China, Central Asia and the Caucasus, the rest of Asia, the Middle East, Africa and Latin America, and I equally advise clients from Europe and North America. Through an affiliated Swiss trust company, we also take care of the incorporation and ongoing administration of their companies and other structures, including accounting, tax returns and corporate secretarial services, and I serve as a professional director where required. With the support of a network of first-class cooperation partners, I also implement solutions worldwide.

My approach is to act as a trusted advisor who works directly with decision-makers, on an equal footing: I start from what you want to achieve and shape every structure, contract and tax decision around your commercial goals and how it improves your after-tax return. As “lawyers who make it happen”, my team and I stay involved until your company is set up, your structure is in place and your transaction has closed, and we remain available for any follow-on work that may be required. You benefit from bespoke solutions and personal attention, and sound, friendly and practical advice. We are not the lowest-cost provider in the market, nor do we intend to be; our aim is to deliver well-founded, proper solutions and excellent value for money.

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