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The Banking Act considers the banker's duty of confidence as a professional duty for which violation thereof must be punished by criminal law. Any banker who divulges banking secrets about his or her clients or third parties is punishable by imprisonment or fine.

Article 47 is the fundamental text of this law:

Article 47 of the Swiss Federal Banking Act of 8 November 1934 Any person who, in his or her capacity as member of a body, employee, proxy, liquidator or commissioner of a bank, observer for the Banking Commission, or a member of a body or an employee of an authorized auditing firm, has revealed a secret that was entrusted to him or her or of which he or she had knowledge by means of his or her practice or employment, any person who has incited another to violate professional secrecy, will be punished by imprisonment for a maximum of six months or by a fine not exceeding 50,000 francs. If the offender acted in negligence, the punishment will consist of a fine not exceeding 30,000 francs. Violation of secrecy remains punishable even when the practice or employment has terminated or the holder of the secret no longer works in the banking industry. Reserved are the provisions of the federal and cantonal legislation ruling on the obligation to inform authorities and testify in court.

This law allows you - as a client - to obtain compliance with bank secrecy from your banker without having to plead a specific interest (unconditionally).

Article 47 of the Banking Act nevertheless provides for several exceptions to Swiss bank secrecy obliging the banker to inform authorities and testify in court. These exceptions are strictly regulated and defined within a legal framework. In civil cases, it applies to inheritance, divorce and debt collection and bankruptcy, whereas in criminal cases, it concerns legal proceedings with regard to money laundering.

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