Switzerland's banks are to strengthen anti-money laundering measures following a government-commissioned report that said the country was still vulnerable to financial crime.
Rules will come into force next year to make it harder for criminals to hide their money in companies with obscure ownership structures.
“The fight against money laundering and terrorist financing are central issues for the Swiss financial centre," the Swiss Bankers Association said in a statement.
From 2016, banks will face a new requirement to identify the controlling owner of legal entities and private companies. Such a requirement may mean that many require specialist legal advice to make sure they comply. Failure to seek such advice could prove disastrous.