Swiss Banks Finally Release Names of Missing Account Holders

ZURICH (Reuters) —
Construction workers stand on a scaffolding beside the logo of Swiss bank Credit Suisse at a construction site at the Bahnhofstrasse in this Zurich July 2, 2015 file photo. New Credit Suisse Chief Executive Tidjane Thiam will face the Swiss bank's vocal retail shareholders on November 19, 2015, when he will hope to avoid the mauling suffered by American predecessor Brady Dougan. Picture taken July 2, 2015. REUTERS/Arnd Wiegmann/Files
Construction workers stand on a scaffold beside the logo of Swiss bank Credit Suisse on Bahnhofstrasse Blvd. (Reuters/Arnd Wiegmann/Files)

Swiss banks released on Wednesday the names of more than 2,600 holders of accounts which have lain dormant for a minimum of 60 years, giving them or their heirs one last chance to claim their wealth before it reverts to the state.

The banking industry said approximately 44 million Swiss francs ($44.5 million) were lying fallow in bank accounts that had gone untouched since at least 1955. Around 80 safety deposit boxes whose contents were unclear were also gathering dust.

People can search for dormant accounts on the website that went live on Wednesday under new legislation that took effect in January.

“By publishing this information, the banks are making a last attempt to reestablish contact with the customer,” said Claude-Alain Margelisch, chief executive of the Swiss Bankers Association.”For the banks, on the other hand, these new regulations create legal certainty for the treatment of dormant assets.”

More names will be added to the list each year, as other accounts also reach the 60 year mark. The deadline for submitting requests is one year from the date of publication.

It could take weeks or months to evaluate claims, the banking lobby says, adding that banks will be permitted to charge claimants who file clearly unfounded requests, to recover the wasted operating expenses.

Unclaimed accounts have been a sensitive topic in Switzerland ever since the World Jewish Congress led a campaign in the 1990s for Swiss banks to return assets of Holocaust victims.

Under pressure from Jewish organizations and the U.S. government, in 1998, big Swiss banks agreed to pay $1.25 billion to settle allegations they had drained such dormant accounts dry and stonewalled heirs seeking relatives’ money.

Switzerland’s tradition of banking secrecy and its established wealth management industry, have long attracted the riches of people who want to avoid prying eyes.

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