Provisions of the Anti-Money Laundering Act

Anti-money laundering

The following provisions form an integral part of b-sharpe’s Terms and Conditions and must be read in conjunction with them.

1. As a regulated financial intermediary, b-sharpe is subject to the Federal Act on Combating Money Laundering and Terrorist Financing in the Financial Sector (Money Laundering Act of 10 October 1997, RS 955.0, ‘AMLA’). The prevention and combating of money laundering is a central element of the legislative framework established by regulatory authorities in developed countries. The Anti-Money Laundering Act is designed to prohibit the movement of funds derived from criminal activities and to eradicate the availability of financing for terrorist activities.

2. b-sharpe is committed to complying fully with the law and combating all forms of money laundering, particularly through the service it provides. b-sharpe strictly adheres to its due diligence obligations, taking measures including, but not limited to, the following:

• Verification of the counterparty’s identity (Art. 3 AMLA);
• Identification of the beneficial owner (Art. 4 AMLA);
• Renewal of the verification of the counterparty’s identity or the identification of the beneficial owner (Art. 5 AMLA);
• Duty to obtain clarification (Art. 6 AMLA);
• Requirement to prepare and retain documents for a period of at least ten years (Art. 7 AMLA).

3. b-sharpe is required by law, when entering into business relationships, to verify the identity of the other party on the basis of duly certified and valid supporting documents. Where the other party is a legal entity, b-sharpe must familiarise itself with the provisions governing the authority to bind the other party and verify the identity of the persons establishing the business relationship on behalf of the legal entity.

4. The Client is required to provide b-sharpe with any information and documents, either voluntarily or at b-sharpe’s request, that enable the identification and verification of the Client’s identity or that of the beneficial owner(s), as well as the source of funds, either at the outset of the business relationship or when b-sharpe is required to carry out further checks or seek further clarification.

5. b-sharpe may request any information and/or supporting documentation regarding the subject matter and purpose of the transaction that the Client wishes to enter into with b-sharpe, in particular regarding the origin and destination of the funds involved. The scope of the information required will depend on the nature of the transaction or the risk posed by the counterparty.

6. b-sharpe may request any additional information and/or supporting documents necessary to verify, in particular, the authenticity and transparency of the commercial transactions underlying the foreign exchange transactions.

7. b-sharpe is subject to the following obligations in the event of suspected money laundering:

• Obligation to report and inform the competent authorities in the event of suspicious transactions or suspected money laundering (Art. 9 AMLA);
• Freezing of assets (Section 10 of the Anti-Money Laundering Act).

8. b-sharpe reserves the right to decline to enter into a business relationship with a prospective client or to refuse to execute a transaction at any stage of the client relationship if the information provided by the prospective client or existing client proves to be intentionally false or incomplete, or if b-sharpe suspects any link to illegal activity.

9. b-sharpe is also required to report any suspicious transactions to the relevant authorities and to freeze the assets in question.

10. In accordance with Swiss law and regulations, b-sharpe is entitled to take any measures it deems necessary to investigate any suspicions, to report the matter to the relevant authorities where appropriate, and to freeze the assets in question.

11. Collecting information about the Customer and the transactions they wish to carry out is essential to ensure that b-sharpe complies with current legislation. b-sharpe’s collection of information is based on the ‘Data Protection’ document.

12. b-sharpe reserves the right to use the services of a third party to verify this information. The Customer undertakes to notify b-sharpe of any changes occurring after the commencement of the business relationship.

13. For legal reasons, the information collected must be retained by b-sharpe for a period of ten years following the termination of the business relationship or the completion of the transaction (Art. 7(3) AMLA).

14. By using b-sharpe’s services for inappropriate purposes, the Customer may face criminal prosecution.

15. Last updated: 31 October 2024.