On the 1st of April 1998 the Swiss
federal government introduced the law relative to money laundering
in the financial sector. Since then, due diligence procedures followed
by financial firms and banks have considerably tightened. As a
financial services firm ACM is obliged to adhere to the regulatory
procedures lain down by the Federal authority against money laundering.
This is manifested by the need for our customers to supply us with
documentation proving their identity and origin of funds so that
we may make subsequent checks to determine whether the funds ACM will accept are in fact derived from a legal origin. We wish to
explain to our customers in detail how the process works so our
customers may better understand why we ask them for their personal
information.
What is money laundering?
Criminals have to find a way of making the money they get from
their criminal activities “clean”. They try to launder
their illicit funds by getting them into the financial system
without detection or arousing suspicion. If they can get their
funds into the financial system they can then transfer it between
different bank accounts or financial products across the world,
or use it to buy goods and services. The idea is to make the
illicit funds look like they have come from a legitimate source.
Criminals try to make it as hard as possible for the authorities
to connect the money with its criminal past. The "clean" money
is often used to fund further crimes, including acts of terrorism.
Why must I prove my identity to ACM?
Criminals won't use their real name or address to buy financial
products or services or open a bank account - it would be too
easy to trace the money back to them. So, they use false identities
and addresses. They may even try to buy a product or open an
account using your identity. This is why financial services firms
like ACM have the responsibility to check to make sure they know
their customer before they agree to open an account or allow
you to buy their financial products or services.
What kind of identification and information do I need to provide
to ACM?
You will need to show that you are who you say you are and that
you live where you say you live. Additionally you must clearly
specify on the customer agreement where your transfer will be
coming from (which bank, account number etc.). You must also
clearly specify on the customer agreement from which activity
your funds originate.
- An Original certified copy of an ID or passport. (You can obtain certification at public notary or an official governmental authority which usually delivers such certifications).
- Your photograph and your signature must be clearly visible so
that ACM may compare it with the signature on your customer agreement.
- You must clearly specify on the ACM customer agreement which
bank your transfer will be coming from, your account number and
beneficiary name, (the account beneficiary must match the name
on your customer agreement, namely: your own. Additionally, any
profits and/or original remaining funds you wish to repatriate
must go back to the same account number and especially the same
beneficiary name, again: your own.
- You must also clearly specify on the customer agreement from
which activity your funds originate.
Official certification is required because they are more difficult
to forge. Please remember though, Swiss money laundering regulations
require ACM to verify your identity and to keep copies of the
documentation you give them. If it is not possible to verify
your identity, then by law ACM will not be able to provide you
with its products or services.
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