Canada    FinTech Guide    Chapter 11    Switzerland


11. Identification
Switzerland  Switzerland

There are no reservations, except that the duty and responsibility for correct compliance of the identification processes always remains with the pertinent banks and financial intermediaries notwithstanding that such processes are outsourced to third parties.



Legal Affairs


The subject matters of identification processes are regulated for banks and financial intermediaries in particular in the Swiss Money Laundering Act and pertinent ordinances. Online-identification is addressed by the FINMA Circular Letter 2016/7 regarding duties in the context of establishing business relationships through digitial channels.

The rendering of identification services (by third parties) to banks and financial intermediaries is not regulated (and the duty for correct compliance always remains with the pertinent banks and financial intermediaries).



Economic Conditions


There is no reliable market data available in Switzerland.



Miscellaneous


As mentioned above, the duty and responsibility for correct compliance of the identification processes always remains with the pertinent banks and financial intermediaries notwithstanding that such processes are outsourced to third parties.



Contributing Authors

Hartmann Müller Partners

Jürg E. Hartmann
Zurich, Switzerland


Markus Aeschbacher
Zurich, Switzerland

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Chapter Index:


1. Payment Services / Mobile Payment

2. Asset and Portfolio Management

3. Consulting and Broking Services / Robo-advisory / Auto-trading

4. Trading Platforms / Social Trading Platforms / Signal Following

5. Crowdfunding / Crowdinvesting / Crowdlending

6. Virtual Currency - Bitcoin

7. Loan Services / Factoring / Loan Broking / Finetrading

8. Online Banking Services

9. Analytics and Research / Data Management / Risk Management

10. Accounting

11. Identification

12. Online-pawning

13. InsurTech

14. RegTech

15. Initial Coin Offerings (ICOs)

Disclaimer:
The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

Publication Date: 1 May 2018