wirtschaftlich berechtigte Person · beneficial owner
The beneficial owner is at the heart of the due diligence obligations of Swiss banks: behind every account, the bank must know who really benefits.
Request a demoThe term in four languages
- German
- wirtschaftlich berechtigte Person
- French
- ayant droit économique
- Italian
- avente economicamente diritto
- English
- beneficial owner
Definition
The financial intermediary must identify the beneficial owner with the due diligence required in the circumstances. In particular where the customer is not the beneficial owner or there is doubt about the matter, it must obtain a written declaration from the customer stating who the beneficial owner of the assets is. For an operating legal entity, it identifies the natural persons who ultimately control it. The identification must be repeated if doubts arise.
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 muss mit der nach den Umständen gebotenen Sorgfalt die wirtschaftlich berechtigte Person feststellen und deren Identität überprüfen, um sich zu vergewissern, wer die wirtschaftlich berechtigte Person ist.
The financial intermediary must identify the beneficial owner with the due diligence required in the circumstances and verify its identity in order to ensure that it knows who the beneficial owner is.
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.
Sorgfaltspflichten · due diligence obligationsThe obligations that the Anti-Money Laundering Act imposes on financial intermediaries before and during a business relationship.