coala

how does swiss bank work?

have heard people keep their money in international banks and stuff, how does it exactly work? is it a way to do tax fraud? do they keep your identity private?

very limited knowledge in banking sector. always been curious

10mo ago

DarlesChickens

Razorpay10mo

Tbh, Swiss bank in reality is nothing but a bank who has limited KYC Controls with strong protection for customers. When switzerland started sharing tax related data to govt.s around the world. Its charm has faded.

Now, British Cayman Islands, Panama all are favourite due to low tax and low KYC Controls .

coala

American Express10mo

how was the money untraceable before? normally you’d wire the money from existing banks or did folks carry bags of money before and deposit manually? wouldn’t custom/airports stop that?ships make sense

DarlesChickens

Razorpay10mo

They used channels like layering etc to move the money into swiss accounts. Those swiss banks never asked for the real source of funds, so thats how money was untraceable. No really untraceable, but hidden in plain sight.

0case

Startup10mo

All swiss banks are asking aadhaar and pan, so good luck doing tax fraud

Based1776

Remote10mo

Yup, the glory days of secret Swiss bank accounts are long gone

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