Newsletter 102 from September 30, 2009 new SRO regulations of the VQF came into force

Newsletter 102 The new SRO regulations of the VQF came into force on 8 July 2009. As some VQF SRO members have certain questions concerning transitional regulations as regards the new or revised VQF standard AMLA forms, the VQF aims to clarify these questions by means of this Newsletter. - 1. First of all we must point out that you can continue to use your own forms instead of the VQF’s standard AMLA forms, as in the past, under the terms of the new SRO regulations, provided that such forms correspond to the minimum content of the VQF forms (see Art. 39 Para. 5 of the 2009 SRO regulations).2. The following existing standard AMLA forms have been amended or revised: Identification Form (VQF doc. no. 902.1), Customer Profile (VQF doc. no. 902.5), Declaration on the Beneficial Owner (VQF doc. no. 902.9) and Ongoing Business Relationships (VQF doc. no. 902.7). In the case of previously existing business relationships (not yet closed or already closed) it is not necessary to again solicit the standard AMLA forms obtained under the terms of the old SRO regulations. However, the respective new VQF standard AMLA forms (or your own equivalent forms) must be used for new business relationships opened after 8 July 2009.  3. The following new standard AMLA forms have been created: a.) Risk Profile (VQF doc. no. 902.4): It is not necessary to produce a retrospective risk profile for business relationships that were already closed before the new SRO regulations came into force (8 July 2009). Pursuant to Art. 75 Para. 2 letter b of the SRO regulations, in the case of business relationships which were initiated prior to the entry into force of the new SRO regulations and not yet concluded when these regulations came into force, a risk profile must be produced within 6 months (by 8 January 2009) (VQF doc. no. 902.4 or your own equivalent form). A risk profile must be produced for new business relationships entered into following the entry into force of the new SRO regulations (VQF doc. no. 902.4 or your own equivalent form) (Art. 75 Para. 2 letter a of the SRO regulations). b.) Customer Profile for Trusts (VQF doc. no. 902.6) and Declaration for Associations, Trusts and other Asset Funds with no designated Beneficial Owner(s) (VQF doc. no. 902.10): In regard to these two standard AMLA forms, under the old SRO regulations it was necessary in the past for you to fill out (your own) appropriate forms or obtain statements. There were no specific VQF standard AMLA forms. For this reason the same explanations as given under numeral 2 above apply.