Zug Cantonal Bank is effectively doing away with banking secrecy.

That’s according to today’s edition of the Blick newspaper.

The paper reports that the bank is asking its foreign customers to sign a document underlining two main points.

The first is that clients ensure that their money is declared to tax authorities in their home country.

The second gives the bank the right to transfer details to authorities abroad.

Foreign customers have until the May 31 to sign the document.