Switzerland to Launch Corporate Transparency Register Despite Cyberattack Fears
Switzerland will proceed with its corporate transparency register in October, despite industry concerns over cyberattacks following a major data breach in Liechtenstein.
Switzerland has confirmed it will proceed with the launch of a central corporate transparency register on October 1, pushing ahead despite warnings from the wealth management industry about cybersecurity risks.
The decision comes weeks after hackers breached the beneficial ownership register in neighbouring Liechtenstein, accessing data related to approximately 31,000 companies, foundations, and trusts. The attack, which took place on the night of July 29-30, has raised concerns across the region about the vulnerability of such databases.
The Swiss Association of Wealth Managers had urged the government to reconsider the timeline, arguing that a similar incident in Switzerland would cause severe reputational damage to the country's financial sector. In a letter to the Justice Ministry, the group described the proposed register as an "extremely attractive target for cybercriminals" and called for stricter access controls.
However, the government has maintained its position, stating that various protective measures have been planned to ensure the "highest possible level of protection" for the database. Officials have long argued that the register is essential for strengthening the prevention and prosecution of financial crime and for safeguarding Switzerland's standing as a global wealth management hub.
The move comes after Swiss lawmakers had already softened proposed money laundering regulations amid concerns about competitiveness. The new register will now go live as scheduled, balancing transparency objectives with the need for robust data security.