Banking in Switzerland dates to the early 18th century through Switzerland's merchant trade and has, over the centuries, grown into a complex, regulated, and international industry. Banking is seen as emblematic of Switzerland. The country has a long history of banking secrecy and client confidentiality reaching back to the early 1700s. Starting as a way to protect wealthy European banking interests, Swiss banking secrecy was codified in 1934 with the passage of a landmark federal law, the Federal Act on Banks and Savings Banks. These laws, which were used to protect assets of persons being persecuted by Nazi authorities, have also been used by people and institutions seeking to illegally evade taxes, hide assets, or generally commit financial crime.
The Mont Cervin Palace in Zermatt. A hub of tourism, many private banks service the city and maintain underground bunkers and storage facilities for gold at the foothills of the Swiss Alps.
Switzerland's mountainous terrain helps to store gold in underground bunkers.
International pressure to roll back banking secrecy is seen as an attack on Swiss culture and values. The Swiss parliament expressed an interest in adopting banking secrecy into their constitution in 2017.
Worldwide headquarters of the Bank for International Settlements in Basel
Switzerland lies at the crossroads of several major European cultures. Three of the continent's major languages, German, French and Italian, are national languages of Switzerland, along with Romansh, spoken by a small minority. Therefore, Swiss culture is characterized by diversity, which is reflected in a wide range of traditional customs. The 26 cantons also account for the large cultural diversity.
Farmer families, dressed in traditional clothing, guiding cattle down from the Swiss Alps.
Silvesterklaus in Urnäsch
Although there is reasonable doubt whether William Tell ever lived at all, the legend itself had a great impact on the history and culture of Switzerland (statue in Altdorf)
Some of the traditional symbols of Switzerland: the Swiss flag, the alphorn and the snow-capped Alps
