The latest move comes in the wake of Switzerland agreeing to automatic exchange of information and mutual administrative assistance in tax matters with foreign authorities.
Known for banking secrecy practices, Switzerland is perceived in India as one of the safe havens for stashing away unaccounted money.
To ensure compliance with global regulations, the Swiss Bankers Association (SBA) has suggested steps to ensure that untaxed money are not flowing into the banks in the country.
The grouping emphasized that the recommendations are aimed to "prevent the receipt of untaxed assets".
Banks have been asked not to accept any assets where they know that the assets are and will remain untaxed. This would also be applicable for cross-border clients who are changing banks within Switzerland, according to recommendations made by the SBA to its members.
"Through increased due diligence and by applying risk- based considerations, banks are to ensure that clients, in particular those from European countries that offer their taxpayers the means of regularising their situation, do not bring untaxed assets into Switzerland," SBA said in a statement.
Founded in 1912, SBA has 333 institutional members and around 18,700 individual members, according to its website.
Besides, the prominent grouping has urged Swiss banks to ensure that clients are in compliance with regulatory requirements.
"Where countries offer possibilities for clients to regularize their situation, banks should persuade such clients of the options for regularisation available in their country of tax domicile and help them to select the best solution," it said.
In cases where the client is not following the recommendations, the bank should take a call on whether the relationship is still acceptable.
These recommendations are to bridge the period until a new international standard for the exchange of information comes into effect, the association said.
"For the Federal Council, an international standard for the automatic exchange of information qualifies as a suitable alternative to a final withholding tax, an approach that was followed up until recent months," it noted.
Shedding its veil of banking secrecy, Switzerland has agreed to be part of the global convention on tax matters formulated by Paris-based policy advisory group Organisation for Economic Cooperation and Development (OECD).
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