The Swiss bank is always in the news. We keep listening, about crores of money being hidden or money going out of India frequently. Have you ever thought about why people keep their wealth only in Swiss banks rather than any other banks? People who have accounts in Swiss banks have no identity or governments have high difficulty in tracking who is hiding behind the number-based accounts.
Swiss banks have unique policies and rules. In 1713, they announced a law saying people who save money in our banks would never ever share details and keep their accounts secret from the rest of the world. This regulation gave all the elite people to protect all their wealth. People started opening bank accounts from various countries, which made banks popular.
In 1934, it implemented another law saying sharing information was a punishable offence and people would be jailed for 5 years. This built confidence among many powerful people. Switzerland has never fought a war in a long time and people trust their initiatives and security. It has never created any controversy and always acted as politically neutral. So, citizens from various countries keep their money and most of the revenue comes from corrupt, drug lords, unstable governments, kings, political circles or people who have unacceptable revenue have started saving their money.
Swiss banks verify the profile thoroughly before opening an account, but the account's money is not monitored from where it is coming. All these rich and elite people send or open accounts from 3rd party profiles, Hawala and names regulated to other persons or governments who have less credible and weak financial rules. It has rules which are so unique that ordinary people can't open it. You should have at least 1 million Swiss franc currency to run the account successfully.
All banks provide IFSC codes, names and personal details, but Swiss bank provide code and number-based accounts, It gives absolute secrecy to the costomer. In India, whenever you keep your money, you get interest right but in Switzerland you have to pay them interest to protect your money and to keep your identity safe and secure.
Due to this unique political structure, the banking system has made Swiss banks popular and many individuals, criminals, business tycoons, politicians, drug lords, dictators kept their unorganised wealth secretly without knowing the identity of the individuals and to hide from government scrutiny.
