[Swiss Wealth Management Institution Calls for Suspension of New Corporate Ownership Register] According to foreign media reports, Swiss wealth management institutions are urging the government to suspend the launch of a large-scale new corporate ownership register after hackers stole similar data from thousands of people in neighboring Liechtenstein. The Swiss Wealth Management Association has requested the government to suspend the new "Transparency Register," originally scheduled to launch on October 1st. This register will be accessible to designated authorities and financial institutions subject to anti-money laundering regulations, but will not be directly accessible to the public. The association warned the government that centralizing information on the ultimate owners of over 500,000 companies and other legal entities in one place will make it a highly attractive target for cybercriminals. The Swiss Bankers' Association (SBA) has also expressed separate concerns about cybersecurity and data protection issues related to the register. A similar registration system in Liechtenstein suffered a major data breach at the end of July. Unidentified hackers stole beneficial ownership data involving approximately 31,000 companies, foundations, and trusts. Authorities have not yet identified the attackers or determined their motives.
