A number of Swiss banks, including three with significant global presence, have begun telling their Indian clients to sign undertakings that are aimed at 'derisking' the banking institutions from potential risks arising out of regulatory actions against the bank customers by foreign governments.

Some banks are also telling their clients to close their accounts if they are not ready to take such risks, or if they have apprehensions about such accounts not being compliant to regulatory requirements in their home countries.

Through these 'derisking' undertakings, the customer agrees to take responsibility for any possible regulatory or administrative compliance with international norms.

A new strategy of 'layering' through gold and diamond trade came to light earlier this year at Swiss banks to thwart any attempt for identification of real beneficiary owners of funds entrusted with them, government and banking sources have said.

There is a growing suspicion that a portion of gold and diamond trade is being used to route funds from Swiss banks to India and other destinations.

'Layering' is a key stage in money laundering and involves moving illicit funds around financial system through a complex series of deals to complicate the paper trail.

This layering typically takes place between the first stage -- placement of black money in the financial system either in cash vaults, or through a series of cash or sham financial transactions -- and before the final 'integration' stage when money is put back into the financial system through various transactions for the benefit of its final recipient.

There has been a huge political uproar over Indian black money allegedly stashed in Swiss banks and the new government has said it is committed to tackling this menace.

As per Swiss National Bank's latest data, the total money held by Indians in Swiss banks stood at over 14,000 Crore as on December 2013, up by nearly 42 percent from a year ago. 

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