In this article written by Patrick Raaflaub, Director of the FINMA, and published by the NZZ, we learn that the Swiss Financial Market Supervisory Authority encourages all banks to take part in the US Program.

The risks of taking part in the US Program are stressed out. This could result in years of conflict and much higher cost as well as legal uncertainty.

We also learn that in the previous years the FINMA proceeded to around 20 formal investigations at banks regarding US cross-border business. It showed that some banks deliberately acted in a risky way when dealing with untaxed US customer funds while others lacked caution. These investigations ended with enforcement enactments and correction measures.

See also Le Temps