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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.

The FATF periodically issues “Recommendations on Combating Money Laundering and the Financing of Terrorism” as internationally recognized (minimum) standards that the FATF member states must each implement in national law. These FATF recommendations were last revised in 2012.

As a member of the FATF, Switzerland is also obligated to transfer these revised recommendations into national law by amending regulatory requirements. These regulatory amendments will occur in Switzerland on January 1, 2016.

The revised FATF recommendations will be implemented by amending the following decrees, which are also relevant to card business (credit cards, charge cards and prepaid cards, hereinafter “Cards”):

  • AMLA - partially amended Anti-Money Laundering Act
  • AMLO-Finma - fully revised Swiss Federal Financial Market Supervisory Authority (FINMA) Anti-Money Laundering Ordinance
  • CDB 16 - fully revised Agreement on the Swiss banks’ code of conduct with regard to the exercise of due diligence

Amendments as of January 1, 2020

As a result of new legal requirements we are now obliged to request certified copies of identification documents within 30 days before all card relationships of the person(s) concerned have to be temporarily blocked.

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.