Word: chiasso
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Dates: during 2000-2009
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With secrecy came abuse. The Swiss themselves were so startled by revelations in 1977 about rogue activities at the Chiasso branch of Credit Suisse?whose managers allegedly funneled funds through an offshore trustee company, hiding losses from their supervisors?that a new age of tougher bank regulation was ushered in. First came due-diligence rules that compelled banks to identify all their clients and establish the beneficial owners of assets. For over two decades now, banks have been obliged to keep a copy of some official identification of a client, like a passport?a measure that U.S. banks are only...