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?

Offices in Switzerland:

  • A branch office or subsidiary of a Credit Suisse (Switzerland) Ltd. Group company in the banking or finance sector
  • A securities dealer/bank, a group company subject to the authority of the FINMA Swiss Anti-Money Laundering Act or a directly subordinated financial intermediary to FINMA (DSFI), according to the lists published on the FINMA website
  • Swiss Federal Railways (SBB) counter (exchange or Western Union counters)
  • Attorneys listed in the Swiss register of attorneys
  • A notary
  • Another public or official authority, which usually issues these kinds of verifications of authenticity (e.g. municipal offices, residents’ registration offices, courts, embassies/consulates, KESB)

Offices in foreign countries:

  • A branch office or subsidiary of a Credit Suisse (Switzerland) Ltd. Group company in the banking or finance sector
  • A bank approved and supervised for this purpose by a local foreign supervisory body, which is domiciled in a country that is a FATF member
  • A notary or official authority (e.g. courts, embassies, consulates)

Prove your identity online now with video identification

You can now prove your identify with video identification instead of submitting a certified copy of an identification document. The easy process takes less than 10 minutes and can be completed at home or on the road.

Follow the link below for a description of the procedure and to access the website of the external service provider (Swisscom) that provides video identification for Swisscard customers.

Video identification