Newsletter 84 from April 07, 2009 New duties of due diligence within the scope of the Anti-Money Laundering Act

Newsletter 84 - New duties of due diligence within the scope of the Anti-Money Laundering Act came into force on 1 February 2009 - New duties of due diligence were introduced into Chapter 2, Clause 1 of the Anti-Money Laundering Act (GwG) as of 1 February 2009. This concerns duty of information, insofar as the customer is a legal entity, with regard to the client’s authorization instructions and duty of verification of the identity of the persons carrying on business relationships in the name of the legal entity (Article 3 Clause 1 GwG). In addition, the duty to identify the nature and purpose of the business relationship desired by the customer was introduced (Article 6 GwG). As there were no transitional provisions, these duties have been applicable since 1 February 2009. FINMA therefore expects financial intermediaries to take all necessary organizational measures within a reasonable period of time in order to guarantee compliance with this duty. Implementation must be complete by 30 June 2009 at the latest. We would also point out that duty of reporting was also extended as of 1 February 2009 (Article 9 Clause 1 letter b GwG). For questions please write to info@vqf.ch or telephone 041 763 28 20.