The move will allow unclaimed funds to be moved to another bank and liquidated without an account holder’s approval.
However, the secrecy rules would only be waived if the bank could prove it had repeatedly failed to reach the account’s owner or their beneficiaries, the Reuters report added.
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The approval comes after 15 years after the Swiss banking giants UBS and Credit Suisse signed a US$1.25 billion deal with Holocaust survivors and their descendants.
However, the country’s upper house has yet to vote on the changes.
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