So my Bank Manger calls and he is asking for a meeting today to discuss the origin of funds that I have in my account?

Note that I did a wire transfer when I moved to Switzerland from USA. I have payed all my taxes etc in US so I wonder why the manager wants me to come see him??

he's probably mad-keen on AML and the fact that you either have a green card or US passport

He wants to ask you the source of the Funds, there are money laundering laws, every transaction over $10,000 gets flagged, some get investigated.

He has to 'know' his client

How does having (or not having a US GC/Passport) affect this?

Swiss banks are currently hyper-sensitive about US clients, resident or otherwise. It's been in the news a little bit.

Having GC or passport means you have tax obligations in the US.

Yes, this is normal practice and not restricted to US citizens (I am British).

I did a wire transfer from the US to Switzerland last year after selling some stock options, and got an immediate call from the bank asking me to clarify where the money came from. The local tax authorities also asked about the origin of the funds when I did my tax declaration.

In both cases I simply said "stock options" and no more questions were asked. They are just checking that it's all above board.

I wonder why they couldn't just ask me this over the phone instead of me going over. Leaving to see the banker now...

Thanks guys

But have you declared this account on the FBAR form? Seems other swiss banks are starting to be proactive, following UBS and CS, and in advance of new reporting laws.

they use thumbscrews to ensure the truth is told

it's a formality, I'm sure your CA also wants to be extra nice to you because of this.

He met me for half hour and didn't even ask me about the origin of money. He talked to me about ways to save taxes in CH, pension funds, 3rd pillar pension fund on saving account and credit cards in CH. He brought me a book on real estate mortgages and how they works in CH and that’s it.

Thanks for the advice guys. I was already feeling like a fugitive when I was going to the bank

you must've transferred a nice amount into the account

Any amount coming in is "nice" and going out isn't

I just say "From my Mum, now what I mean?" when they ask, and then when quizzed what the transfer is for just reply "Sausages".

They have never, ever questioned / verified my made up answers. So much for compliance...

By law in most countries, they just file a suspicious transaction report, it's a criminal offence for them to you they have done so.

Can I meet your mum??