There is concern amongst Swiss bankers that the sector is over-regulated, the AFP news agency reported at the weekend.
Speaking at a debate organised by the Swiss Bankers' Association last Thursday, Swiss Private Bankers Asociation president, Niklaus Baumann reportedly revealed that financial burden imposed by the "millions of pages" of anti-money laundering and other regulations that Swiss banks are obliged to follow represents 9.8% of the total costs of a small bank, and 4.1% of the total costs for a larger bank.
Urs Roth, the secretary general of the Swiss Bankers Association attempted to explain the stringency of the Swiss laws by citing the country's reputation for perfectionism.
"In France, the European directive against money laundering still has not been incorporated into the (national) laws," AFP quoted him as observing.
The Federal Banking Commission, meanwhile argued that the creation of new rules is often requested by the banks themselves in order to increase the stability of the sector's legal framework still further, and to protect them from lawsuits.
"The notion of total comfort takes precedence over risk," FBC vice-president Jean-Baptiste Zuffrey told delegates last week at a seminar in Lausanne.
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