Due diligence ...



Due diligence

The purpose of the Swiss Due Diligence Act is to actively combat money laundering and organised crime.

Amongst other things, all financial intermediaries - in particular trustees, banks and asset managers - are obligated, when entering into a business relationship:

  • to identify the contracting partner
  • to establish the economic beneficiary of the asset involved
  • to create a profile of the business relationship i.e. of the economic

    Background and origin of the assets while also verifying and documenting their intended use.

    A copy of identification documentation (passport, identity card, driver's licence) of both the contracting partner and the economic beneficiary is to be made by the financial intermediary and kept in a separate secure location together with the aforementioned due diligence documentation.

    The ongoing transactions in the course of the business relationship must also be clarified in detail and continually documented.