UBS frequently cites Swiss culture—specifically its penchant for privacy, security and neutrality—as foundational to its company culture.[201] Although banking secrecy started in the 1700s, Switzerland drafted a series of banking regulations and statutes the late 1800s and 1930s to protect and secure banks within its borders.[202] The most prominent was the Federal Act on Banks and Savings Banks, known simply as the "Banking Law of 1934".[203] The federal law prohibits and criminalizes the distribution and release of client information to third parties.[203] The bill was passed by the Swiss Federal Assembly in order to combat the seizure of client assets and information for reasons debated by historians.[202] UBS, then known as the Swiss Bank Corporation, received large influxes of capital from Europe for safe keeping during the war.[204] More than two dozen Swiss banking statutes were drafted from 1934 to 2008 to strengthen banking secrecy at UBS Switzerland AG.[204] In 2018, Switzerland, alongside major Swiss banks including UBS, was ranked first on the Financial Secrecy Index.[205] UBS was the largest wealth manager in 23 of the top 25 countries on the 2018 Financial Secrecy Index.[205]