A Swiss newspaper, Le Matin, comes back on the sensitive subject of data transmission to the US in the US program.
The Category 2 banks are getting ready to disclose information about their former and current employees, as well as third parties involved with US clients as defined by the US Program. According to section II.D.1.b of the US Program the persons involved are the individuals who structured, operated, or supervise the cross-border business for US-related accounts and the ones defined under II.D.2.b.v, the relationship manager, client advisor, asset manager, financial advisor, trustee, fiduciary, nominee, attorney, accountant, or other individual or entity functioning in a similar capacity and known by the Bank .
The banks have strict guidelines to abide by according to Swiss laws. For example, one of the requirements is that affected persons have to be informed 20 days prior to a potential transmission of the relevant data (Guidance Note on the Swiss Model Order of July 3, 2013). The concerned persons have the right to consult their files and the banks need to advise them of their rights.
The interpretation of the scope can vary and implies significant efforts especially from large banks.
It remains to be seen whether a high number of employees will object, hence delaying and hindering the process.