Due diligence
The purpose of the Swiss Due Diligence Act is to actively combat money laundering and organized crime.
When entering into a business relationship, all financial intermediaries – in particular trustees, banks and asset managers – are required, among other things, to:
- identify the contracting party
- identify the beneficial owner of the assets involved
- to draw up a profile of the business relationship, i.e. of the beneficial owner.
Background and origin of the assets, including verification and documentation of their intended use.
A copy of the identification documents (passport, identity card, driver’s license) of both the contracting party and the beneficial owner must be made by the financial intermediary and kept in a separate, secure place together with the above-mentioned due diligence documentation.
The ongoing transactions in the course of the business relationship must also be clarified in detail and documented on an ongoing basis.
