Due diligence obligations of PostFinance Ltd
In order to enter into and conduct business relationships, PostFinance must meet the due diligence obligations stipulated by law. This means, for example, that it must know the nature and purpose of a business relationship, as well as the economic environment of its customers or the state where they are liable to pay tax.
These clarifications connected with due diligence obligations are essentially based on the following statutory provisions:
- Federal Act on Combating Money Laundering and the Financing of Terrorism in the Financial Sector (AMLA)
- Federal Act on the Implementation of International Sanctions (EmbA)
- FINMA Anti Money Laundering Ordinance (FINMA-AMLO)
- Agreement on the Swiss Banks’ Code of Conduct with regard to the Exercise of Due Diligence (CDB)
There are also the following specifications in relation to tax transparency which provide for an exchange of data if the tax residency of customers is abroad:
- Provisions on the Automatic Exchange of Information (AEOI)
- Provisions on the Foreign Account Tax Compliance Act (FATCA)
PostFinance adheres to statutory confidentiality obligations in relation to bank-client confidentiality, postal secrecy and the Federal Act on Data Protection when carrying out clarifications. Discretion is a fundamental requirement in day-to-day oper-ations and great importance is attached to the secure handling of data. PostFinance defines its working procedures in such a way that the confidentiality of customer data is always guaranteed.