The banks in Switzerland maintain strict compliance with the applicable national, international and supranational regulations and sanctions. The main focus in this respect is currently on the measures related to the war in Ukraine.
The Swiss Confederation may enact compulsory measures in order to implement sanctions that have been ordered by the United Nations Organisation, by the Organisation for Security and Cooperation in Europe or by Switzerland’s most significant trading partners and which serve to secure compliance with international law, and in particular the respect of human rights (Art. 1 para. 1 Embargo Act). The Federal Council has the authority to enact compulsory measures (Art. 2 para. 1 Embargo Act).
The Swiss Bankers Association’s position
At present, the measures in connection with the situation in Ukraine are a priority. The Federal Council decided on 28 February 2022 to adopt the European Union’s sanctions against Russia and thus reinforce their impact. The SBA liaises closely with the authorities on questions concerning the implementation of the sanctions and provides its members with an information and knowledge sharing platform.