New Regulatory Requirements

Background of the regulatory requirements

The "Financial Action Task Force" (FATF) is a working group of the Organization for Economic Co-operation and Development in Europe (OECD). The FATF’s goal is to combat all types of threats to or abuses of the integrity of the international financial system.

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Amendments as of July 1, 2017

The regulatory amendments and expiry of the transitional period on June 30, 2017 have the following effects on cardholders and Swisscard AECS GmbH as the card issuer:

  • When monthly expenditures generally exceed CHF/EUR/USD 20,0001 (total of all the customer’s active private and corporate cards), Swisscard AECS GmbH requires an authenticated copy of identification documents from all principal and additional cardholders and/or corporate cardholders due to regulatory requirements.
  • When monthly expenditures are less than CHF/EUR/USD 20,000 (total of all the customer’s active private and corporate cards), a simple (non-authenticated) copy of identification documents is sufficient.

1 The monthly expenditure may also be lower in individual cases (depending on the product).

 

Information on the certified copy of identification documents:

A certified copy of identification documents is a clearly legible copy of a valid form of identification (Swiss driver’s license, passport, identification card, Swiss alien’s residence permit) with an original confirmation by one of the offices listed below.

Where can I have a copy of identification documents authenticated?

Prove your identity online now with video identification