23.12.2015. Swiss banks implementing new legal provisions for dormant assets  

Company News

On 1 January 2015, new legislation came into force relating to dormant assets in Switzerland. Among other things, this legislation foresees publication of the names of the owners of very old dormant customer relationships on a website. From today onwards, this website is accessible to the public at the following address: https://www.dormantaccounts.ch. If no legitimate party claims the assets that have been published within one year of publication, the banks must by law transfer the assets in question to the government.

The new regulation requires the transfer of assets that have been without contact for at least 60 years to the Swiss government. The names of dormant customer relationships that exceed a value of CHF 500 or that are of an unknown value, such as the contents of safe-deposit boxes, are first published on the internet.

The claim deadline for potential legitimate claimants is one year, or five years if the assets in question have been dormant since at least 1954.

The number of names published in December 2015 is just over 2,600; connected to these names, there are currently assets of around CHF 44 millions.