USA and Switzerland - financial exchange

14.05.2025 The United States and Switzerland have signed a memorandum of mutual assistance and the exchange of confidential financial information aimed at expanding cooperation in the implementation of sanctions regimes. The parties pledged to share sensitive information, coordinate investigations, conduct joint trainings and develop cooperation in the sanctions sphere.

The document places special emphasis on confidential information that the parties plan to exchange.

Under American law, such information includes data protected by the Privacy Act and the Trade Secrets Act. This may include information about customer accounts and transactions, asset ownership structure, and ultimate beneficiaries. In Swiss law, a similar approach is enshrined in section 3 of the Federal Act on International Sanctions, which allows the transfer of such data between competent authorities in order to implement a sanctions policy.

Link to the source: https://ofac.treasury.gov/recent-actions/20250516