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Swiss Banks Step Up Know-Your-Customer Measures Amid Global Anti-Money Laundering Efforts

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As one of the world’s wealthiest nations, Switzerland has long been known for its secretive banking system. However, in recent years, the country has taken significant steps to improve transparency and comply with international anti-money laundering regulations.

The Know-Your-Customer Process

At the heart of these efforts is the “Know-Your-Customer” (KYC) process, which requires financial institutions to verify the identity and background of their clients. In Switzerland, KYC processes are governed by the Financial Action Task Force (FATF) and the Swiss Financial Market Supervisory Authority (FINMA).

FATF and FINMA: Regulators in Focus

The FATF is an international financial watchdog that sets global standards for anti-money laundering and combating terrorist financing.
FINMA is responsible for regulating Switzerland’s financial sector.

KYC Requirements in Switzerland

KYC requirements in Switzerland involve several steps, depending on whether the customer is an individual or a corporate entity. For individuals:

Basic identification documents such as passports, ID cards, and proof of nationality are required.
For corporations:
- Registered office information
- Commercial register data
- Ultimate Beneficial Owner (UBO) details must be provided

Adapting to Virtual Assets

In recent years, Switzerland has also had to adapt its KYC processes to the rise of virtual assets like cryptocurrencies. The Swiss Financial Market Supervisory Authority (FINMA) requires Virtual Asset Service Providers (VASPs) to collect personally identifiable information from customers involved in crypto transactions.

Combating Deepfake Technology and Ensuring Secure Online Identity Verification

To combat deepfake technology and ensure secure online identity verification, financial institutions are advised to:

Seek assurance through testing and certification by reputable expert bodies or participate in public sector regulatory “sandboxes”.

Compliance Software Programs and Tools

Compliance software programs and tools developed by private companies can also help financial institutions meet their KYC obligations.

Assistance with KYC Compliance

At Bolder Group, we stay up-to-date on the latest regulations and trends in the financial world and offer assistance with KYC compliance in Switzerland. Whether you’re a bank, fund manager, or corporate entity operating in Switzerland, our team of experts can help you navigate the complexities of KYC compliance.