Recent developments in handling Politically Exposed Persons ("PEPs") under Swiss law

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Friday, April 7, 2017
Author: 
Benjamin Borsodi and Clara Poglia
Volume: 
33
Issue: 
4
Abstract: 
n their activity, financial intermediaries have to comply with regulatory rules stated both in the Swiss Anti-Money Laundering Act of October 10, 1997 ("AMLA") and the FINMA's Anti-Money Laundering Ordinance of December 8, 2010 ("AMLO-FINMA"). Swiss legislation does not forbid a financial intermediary from having a business relationship with PEPs (Politically Exposed Persons, i.e. public officials) or from receiving assets from them. Such dealings are however considered as higher-risk business relationships and entail greater due diligence obligations.