CapLaw-2015-60

On 1 January 2016, the revised Agreement on the Swiss banks’ code of conduct with regard to the exercise of due diligence (CDB 16) will come into effect. A revision of the former agreement from 2008 has become necessary due to the recently introduced broad revisions to anti-money laundering regulations (see CapLaw-2015-31). The CDB 16 provides new and revised due diligence obligations for Swiss banks with regard to anti-money laundering and counter-terrorist financing. The revisions mainly focus on (1) the introduction of the concept of controlling persons for operating legal entities and partnerships, (2) new or revised template declaration forms…