Sorgfaltspflichten · due diligence obligations
The due diligence obligations of the AMLA translate into specific steps: identify, verify, clarify, document. They come before the duty to report. The English translation of the Act also says duties of due diligence; duty of care, a concept from the law of negligence, would be wrong.
Request a demoThe term in four languages
- German
- Sorgfaltspflichten
- French
- obligations de diligence
- Italian
- obblighi di diligenza
- English
- due diligence obligations
Definition
The Anti-Money Laundering Act imposes due diligence obligations on financial intermediaries: verifying the identity of the customer, identifying the beneficial owner, repeating these checks if doubts arise, clarifying the economic background and purpose of unusual transactions or business relationships, and keeping records. These obligations are in addition to the duty to report to the Money Laundering Reporting Office Switzerland (MROS) where there are reasonable grounds for suspicion.
Swiss federal acts are published in German, French and Italian, and all three versions are equally authoritative. The English term shown here comes from the Federal Administration's English translation, published on Fedlex for information only. Where there is no translation, it follows common usage.
Full glossaryThe term in an official text
powered by Neur.onDer Finanzintermediär kann auf die Einhaltung der Sorgfaltspflichten (Art. 3-7) verzichten, wenn die Geschäftsbeziehung nur Vermögenswerte von geringem Wert betrifft und keine Verdachtsmomente für mögliche Geldwäscherei oder Terrorismusfinanzierung vorliegen.
The financial intermediary may dispense with complying with the duties of due diligence (Art. 3-7) if the business relationship only involves assets of low value and there is no suspicion of money laundering or terrorist financing.
Source: Fedlex, Anti-Money Laundering Act. In Corrext, this segment and the ones around it appear in Fast lookup CHnell, each with its reference.
Related terms
The professional secrecy of bankers, protected by criminal law.
Geldwäscherei · money launderingAn act aimed at frustrating the identification of assets of criminal origin.
wirtschaftlich berechtigte Person · beneficial ownerThe natural person who ultimately controls or benefits from assets.