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07 March 2003
The latest version of the agreement was issued on January 17 2003 and enters into force on July 1 2003. It provides for stricter 'know-your-customer' rules, such as requesting and recording more personal data about customers. Under the new Swiss Federal Banking Commission Money Laundering Ordinance, provisions on the verification of the identities of contracting parties and the identification of beneficial owners apply to all financial intermediaries, including banks and securities dealers.
The key changes to the Due Diligence Agreement are as follows:
This new version of the Due Diligence Agreement will enter into force on July
1 2003, at the same time as the new Money Laundering Ordinance. With the exception
of the points listed above, the Due Diligence Agreement has not been substantially changed and continues to prohibit the provision of
active assistance in capital flight and tax evasion. Violations of the agreement will continue to be investigated by special investigators
appointed by the board of directors of the Swiss Bankers Association and an
independent supervisory board.
For further information on this topic please contact Emmanuel Genequand or Guy-Philippe Rubeli at Pestalozzi Lachenal Patry by telephone (+41 22 80 94 500) or by fax (+41 22 80 94 501) or by email (email@example.com or firstname.lastname@example.org).
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