Regarding the identification requirement under anti-money laundering regulation, relief is provided with regard to the application of due diligence obligations for new accounts until 1 July 2020 in response to the coronavirus (COVID-19) pandemic.
The relief extends the period from 30 days to 90 days for confirming the authenticity of copies of identity documents.
This provision can be applied to new business relationships so that they can be opened with a simple copy of an identity card (providing the authentication in the subsequent 90 days). However, for business relationships with increased risks, it must still be assessed and documented on a case-by-case basis whether applying the exception in that particular case is acceptable in view of the associated money-laundering risks. Regardless of the relationship’s risk category, the missing confirmation of authenticity must be provided within 90 days.
This facilitation may also be available for non-banks, such as external asset managers that are regulated through a self-regulatory organization (SRO) as soon as their SRO also provides for this facilitation.
Read an April 2020 report prepared by the KPMG member firm in Switzerland
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