Swiss banks warn of dangers associated with the automatic exchange of data with corrupt jurisdictions

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The Chairman of the Association of Swiss Private Banks cautioned officials involved in the automatic exchange of information that sharing data with government organisations in jurisdictions where corruption is common may leak client’s personal banking data and use it against them or their families. The Swiss banking industry is lobbying its government to provide extra protection for confidential client information when exchanging data with other countries under the OECD’s Common Reporting Standard (CRS).