Introduction Banking is one of the largest sectors in the world virtually controlling all the flow of money and funds across the globe. Besides performing the traditional functions such as deposit taking and lending, banking has now completely transformed itself into a new arena where banks have now become universal in nature…
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Despite such universal nature of the banking, there are still key differences between the banking systems of the world. Banking in Switzerland is considered as one of the most sophisticated and neutral banking systems in the world. Due to the overall protection and security offered to the customers under the Swiss laws, Swiss banks have proved one of the most preferred destinations for the global funds. US banking system on the other hand is regulated both at the State and Federal level and is considered as one of the most transparent and opens banking systems in the world. US banking system are relatively different from the Swiss banking system because of the overall nature of the regulations as well as the essential nature and characteristics of the system. This paper will discuss the similarities and differences between the US and Swiss banking system. Swiss Banking System Swiss Banking system is one of the oldest banking systems in the world and is famous for keeping the secrecy of its clients intact. Thus till now one of the prominent features of banking system in Switzerland is its ability to keep the identity of its customers as secret under the laws. This element of the banking system however, has its roots in the first part of the 20th century when in order to protect the money of German Jews from Nazis. Apart from this, its constitutional requirement that the individual liberty and privacy of the individuals to be kept according to the wishes of the individuals. Thus the overall notion of secrecy within the banking system of the country is exactly according to the laid down constitutional requirements of the country. It is also because of this reason that Swiss Banks issue numbered accounts thus protecting the names of the individuals and as per law all the bankers are required to remain silent about their customers. Thus one of the critical aspects of the Swiss Banking system is the issuance of the numbered accounts to the account holders in order to protect their secrecy and privacy. (Gumbel) Another important feature of Swiss banking is its ability to offer the universal banking services- a concept which was adapted little late by other countries including US. Under the universal banking services, Swiss banks offer almost all the services to their customers besides offering the traditional secrecy and protection to the customers. Universal banking services included services which are not only traditional like deposits as well as lending but also include other services such as investment advice, insurance as well as financial planning services, asset management services as well as other allied services.1 Though the universal banking services have now been adapted by most of the countries however, Swiss banks pioneered in developing the universal banking services in the world. Unlike other countries, Banks in Switzerland are not directly controlled by the central bank of the country. However, most of the banks in the country are regulated and controlled through Swiss Financial Market Supervisory authority which is a separate authority from the central bank of the country. It is also important to note that the Swiss banking system is also famous for its overall lending techniques and the quality of the loans. Swiss banks are considered as soundest banks in the world due to their overall practices and the way they lend to their borrowers.
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(“Finance Project Research Paper Example | Topics and Well Written Essays - 1500 words”, n.d.)
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(Finance Project Research Paper Example | Topics and Well Written Essays - 1500 Words)
“Finance Project Research Paper Example | Topics and Well Written Essays - 1500 Words”, n.d. https://studentshare.org/family-consumer-science/1411561-finance-project.
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