Anti Money Laundering (“AML”) and Counter Terrorist Financing (“CTF”) Policy
Money laundering is the process of concealing the origins of illegally obtained money so that it appears to be legitimate income. Criminals often target financial services firms in attempts to launder proceeds of crime without arousing suspicion or alerting the firm.
In response to the scale and effect of money laundering, Switzerland has enacted legislation to prevent money laundering and combat terrorism. This legislation, together with regulations, rules and industry guidance, forms the cornerstone of AML/CTF obligations for Swiss firms and outline the offences and penalties for failing to comply.
FINTRUST AG (FINTRUST) is subject to Swiss AML provisions aligned with the recommendations of the Financial Action Task Force (FATF). Switzerland is a member country of the Financial Action Task Force FATF). This means in particular that FINTRUST has to identify its customers and establish the beneficial owner’s identity. The AML compliance policies approved by the Management Board include, among other things, procedures for customer identification and verifying the identity of beneficial owners. The policies also cover the collection of information regarding the customers’ business activities, relationships with Politically Exposed Persons and record retention procedures. In addition, FINTRUST provides regular AML training to relevant staff and refrains from offering banking services to any bank lacking a physical presence and proper regulation. The anti-money laundering policies are applicable to head office and branches alike and are in accordance with the Wolfsberg anti-money laundering principles.
The fight against money laundering and terrorist financing
As a supervisory body approved by FINMA, d’Organisme de Surveillance pour Intermédiaires Financiers & Trustees (SO-FIT) ensures the respect by its members of the Swiss Federal Act on Combating Money Laundering and Terrorist Financing in the Financial Sector (MLA) in the following areas.
Asset and fund management
Currency exchange and money transfers
Corporate administration and trust services
Payment services
Credit, leasing and factoring
Lawyers and notaries
Insurance brokerage
Anti-Money Laundering (AML) Policy:
The FINTRUST AML Policy is designed to prevent money laundering by meeting the Swiss AML legislation obligations including the need to have adequate systems and controls in place to mitigate the risk of the firm being used to facilitate financial crime. This AML Policy sets out the minimum standards which must be complied with and includes:
The appointment of a Money Laundering Reporting Officer (MLRO) who has sufficient level of seniority and independence and who has responsibility for oversight of compliance with relevant legislation, regulations, rules and industry guidance;
Implementing and maintaining a Risk-Based Approach (RBA) to assess and manage the company’s exposure to money laundering and terrorist financing risks;
Establishing and maintaining risk-based customer due diligence, identification, verification and know your customer (KYC) procedures, including enhanced due diligence for those customers presenting higher risk, such as Politically Exposed Persons (PEPs);
Establishing and maintaining risk based systems and procedures to monitor on-going customer activity; Procedures for reporting suspicious activity internally and to the relevant law enforcement authorities as appropriate;
The maintenance of appropriate records for the minimum prescribed periods;
Training and awareness for all relevant employees.
Sanctions Policy:
FINTRUST is prohibited from transacting with individuals, companies and countries that are on prescribed Sanctions lists. FINTRUST will therefore screen against the relevant sanctions lists in the jurisdictions in which we operate.
