The Swiss Banks Due Diligence Agreement

In 1977, Swiss banks for the first time introduced their self-regulation agreement on the code of conduct of Swiss banks for the implementation of due diligence. The code aims to preserve the reputation of the Swiss banking sector in the fight against money laundering and terrorist financing by introducing due diligence rules. 24 For operating foundations, the controllers of these companies are covered in Articles 0 and following 4 Trusts The information required for trusts must be reported by the contractor by a written statement or Form T. The written statement must have content similar to that presented in the sample form. Article 4 Life insurance with separate title account (insurance roll-up) In the following four cases, which relate to life insurance, the contractor must indicate who the insured person is or, if it differs from the insured person, the actual beneficiary of the premium: (a) the assets that are paid into the insurance plan come from a contract immediately pre-existing between the bank concerned and the insured or the actual payment of premiums or a contractual report in which the payment of the premium was the claimant; or (b) the insured person or the actual payer has a power or right of access to the investment account; or (c) the assets brought into the insurance policy are managed according to an investment strategy agreed between the bank concerned and the insured person or actual beneficiary of the premium; or (d) the insurance company does not certify that the insurance product complies with the applicable life insurance requirements of the insured`s place of residence or where taxes are paid, including biometric risk provisions. The identification of the insured person or the actual payer is done by Form I. If, on the basis of confirmation from the insurance company, the bank relates to the fact that none of the cases covered in the paragraph apply, the insurance company`s confirmation must also include a description of the characteristics of the insurance product in relation to the letters (a) to (d) above.