A violation of Article 47 of the Banking Statute must be prosecuted by the competent authorities independently of a complaint by the injured party. Breach of bank secrecy further exposes a bank to liability for civil damages and to administrative sanctions by the Swiss Federal Banking Commission. All facts entrusted to or discovered by individuals in the exercise of their profession are protected by bank secrecy. This includes all business and contractual relations between the bank and its customers. It further includes all information relating to the financial situation of the customer and the customer's relationships with other banks and third persons.
Customers can waive protection of bank secrecy.
No special form is required for a waiver. It may be given explicitly or implicitly or by agents or proxy. Waivers under compulsion, e.g. under pressure of sanctions of a foreign court or a foreign law enforcement agency, may be considered invalid. Contrary to popular belief, it is not possible to open a bank account in Switzerland without identifying oneself. There is no such thing as an anonymous account where the bank has no knowledge of the account holder's identity.