Information on the Swiss Money Laundering Act.
The Federal Act on the Prevention of Money Laundering in the Financial Sector (MLA) has been in force since 1 April 1998. This legislation obliges financial intermediaries to remain diligent and is designed to facilitate efforts to combat money laundering.
Federal Act on the Prevention of Money Laundering (excerpt).
Art 31: “On entering into business relations the financial intermediary must check the customer’s identity by means of a supporting document.”
Art 71: “The final intermediary shall draw up documents relating to transactions affected and to clarification required under this Act in such a manner that third parties who are experts can obtain an objective idea of transactions and business relations and of compliance with the provisions of this Act.”
Because SBB provides currency exchange and money transfer services, it is also deemed to be a financial intermediary and as such is also obliged to remain diligent at all times with regard to identification, investigations and documentation.
What does this mean for you?
We are obliged
- to verify the identity of the people with whom we enter into business relations
- to check the plausibility of each transaction
- to clarify the background of the transaction, ensuring we have supporting documentation by photocopying the documents submitted to us and any other documents that may be required.
In order to verify your identity, we require from you either
- a valid ID card from Switzerland, the Principality of Liechtenstein or a European Union member state
- or, one of the following, still valid Swiss residence permits: B, C, F, G, L, N
- or, a valid Swiss driving licence
- or, a valid passport.
We are unable to accept photocopies of any of the ID documents mentioned above.
In certain cases and irrespective of the transaction sum, we may also require information and documents relating to
- your work/professional activities
- the financial beneficiary of the funds to be transferred, or to the person or company that has requested the transaction, if this is different.
- the origin of the funds
- the purpose of the transaction
- the exact permanent address of the transaction beneficiary (Western Union).
We will make every effort to process your transaction as quickly as possible and count on your support when carrying out all formalities.
Transactions that appear unreliable or implausible, or for which sufficient documentation cannot be provided, will be rejected. Transactions will also be rejected if we suspect that the beneficiary of a transaction may use the money for fraudulent purposes, or if the transaction is in any way connected with gambling.
Please do not hesitate to contact us if you have any questions. SBB would like to thank you for your understanding and your cooperation.
Prices and product specifications subject to modifications.