Know your customer is a compulsory identity check to prevent money laundering. PostFinance Ltd has its headquarters in Berne, Switzerland, and is regulated by the Swiss Financial Market Supervisory Authority FINMA. Confirmation of its banking licence can be viewed on the FINMA website. PostFinance Ltd’s latest Annual Report, a list of the current members of the Executive Board and other information about the company can be found on this website.
Due diligencePostFinance’s economic, tax and financial circumstances
Due diligence refers to the careful examination and analysis of a company, particularly with regard to its economic, legal, tax and financial circumstances. At PostFinance, due diligence specifically includes the following key points: know your customer (KYC), observing anti-money laundering provisions and Patriot Act certification.
Switzerland is a member of the Financial Action Task Force (FATF) and has introduced laws and regulations to implement the anti-money laundering principles of the FATF (and of the EU). These laws aim to detect and prevent money laundering and the potential financing of terrorism.
PostFinance Ltd has introduced an anti-money laundering programme in line with the requirements of Swiss anti-money laundering legislation, Group directives within the bank, and all local laws, formalities and guidelines regarding the prevention of money laundering, the financing of terrorism and financial crime. The anti-money laundering programme consists of written guidelines and procedures. It also involves appointing an anti-money laundering representative, organizing regular training for the relevant employees and conducting an independent audit in order to check the guidelines and processes in force. Further details on this subject can be found in the The link will open in a new window anti-money laundering questionnaire (PDF).
In accordance with the US Patriot Act and the Final Rules approved by the US Department of the Treasury, a US bank or US broker dealer in securities (“Covered Financial Institution”) must obtain specific information from every “foreign bank” with which it maintains a correspondent account.
The Final Rules give institutions the option of providing a global certification on their website. PostFinance Ltd has taken advantage of this possibility. The global certification can be consulted by any financial institution that believes it requires Patriot Act certification from PostFinance Ltd. Please use this The link will open in a new window certification (PDF) rather than requesting a separate certification form from PostFinance Ltd.