Confidentiality and professional secrecy

Read the PDF edition (2 pages)

The professionals of the private wealth economy are bound by duties of confidentiality towards their clients. For banks, the violation of banking secrecy is a criminal offence under the Banking Act. For portfolio managers and trustees, the Financial Institutions Act introduced a corresponding criminal protection of professional secrecy.¹ Lawyers are bound by their professional secrecy, which is protected by the Criminal Code and which Swiss law recognises in civil and criminal proceedings. The secrecy protects the client's information against disclosure to third parties. It does not protect it against the authorities, to which the professionals must provide information in the cases provided by law: in criminal proceedings, in mutual assistance, in the automatic exchange of information and under the anti-money-laundering reporting obligations.

The protected core of professional secrecy is the lawyer's advice to his client. Other activities of lawyers, such as the administration of assets or the formation of companies as a business activity, are not protected. This distinction has been the subject of case law and has become more important with the extension of the anti-money-laundering obligations to advisers adopted in 2025. The practitioner in Zug who both advises clients and administers companies or trusts for them must be clear about which of his activities are protected and which are subject to reporting obligations.

Notes

Matthias Michlig, "Bankgeheimnisverletzung (Art. 47 BankG)", AJP/PJA 8/2014: Art. 47 BankG makes the violation of banking secrecy a criminal offence, punishable also when committed negligently. Wenger & Vieli AG, "Finanzinstitutsgesetz – Auswirkungen auf unabhängige Vermögensverwalter und Trustees", guidelines, November 2019, wengervieli.ch: Art. 69 FinIA establishes a professional secrecy for financial institutions, now including portfolio managers and trustees, whose violation is a criminal offence. ↩

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 October 2026.

English

Contact

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.

Get in touch →

Confidentiality and professional secrecy

Notes

Setting up or expanding in Switzerland?