Go Back   English Forum Switzerland > Help & tips > Finance/banking/taxation
Reply
 
Thread Tools Display Modes
  #1  
Old 01.12.2016, 14:55
Forum Veteran
 
Join Date: Feb 2014
Location: The World
Posts: 625
Groaned at 98 Times in 52 Posts
Thanked 397 Times in 217 Posts
Capo is considered unworthyCapo is considered unworthyCapo is considered unworthy
Question about how FINMA would handle this situation...

My apologies if this question seems pretty basic, I am beginning to read all the regulatory documents. I am aware that some people here work with wealth & asset management and might have knowledge on the subject. Could you please give your thoughts? This is the scenario:

As by the FINMA rules, a financial institutions must know the identification of all of its clients. However, let's say that an asset/wealth management firm, that I will call 'A', based in Zug, has as a client that is another asset/wealth management firm, headquartered for example in Belize or Panama, that I will call 'B'. If 'B' delegates the management of one of its portfolio to 'A', as a single entity, does 'A' is obligated by FINMA to know the identification of all the clients that put their money in 'B' or just the identification of the directors of 'B'?

Thank you for your attention!
Reply With Quote
  #2  
Old 01.12.2016, 14:59
fatmanfilms's Avatar
Forum Legend
 
Join Date: Apr 2010
Location: Verbier
Posts: 13,744
Groaned at 209 Times in 181 Posts
Thanked 11,052 Times in 6,271 Posts
fatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond reputefatmanfilms has a reputation beyond repute
Re: Question about how FINMA would handle this situation...

Quote:
View Post
My apologies if this question seems pretty basic, I am beginning to read all the regulatory documents. I am aware that some people here work with wealth & asset management and might have knowledge on the subject. Could you please give your thoughts? This is the scenario:

As by the FINMA rules, a financial institutions must know the identification of all of its clients. However, let's say that an asset/wealth management firm, that I will call 'A', based in Zug, has as a client that is another asset/wealth management firm, headquartered for example in Belize or Panama, that I will call 'B'. If 'B' delegates the management of one of its portfolio to 'A', as a single entity, does 'A' is obligated by FINMA to know the identification of all the clients that put their money in 'B' or just the identification of the directors of 'B'?

Thank you for your attention!
There requirement is to know the beneficial owner of the assets.
Reply With Quote
The following 7 users would like to thank fatmanfilms for this useful post:
  #3  
Old 01.12.2016, 15:36
eyebeebe's Avatar
Forum Veteran
 
Join Date: May 2009
Location: Pfäffikon SZ
Posts: 1,098
Groaned at 11 Times in 10 Posts
Thanked 950 Times in 474 Posts
eyebeebe has a reputation beyond reputeeyebeebe has a reputation beyond reputeeyebeebe has a reputation beyond reputeeyebeebe has a reputation beyond repute
Re: Question about how FINMA would handle this situation...

Quote:
View Post
There requirement is to know the beneficial owner of the assets.
Seconded. I was going to write exactly the same sentence (with 'there' substituted by 'their')
Reply With Quote
The following 5 users would like to thank eyebeebe for this useful post:
  #4  
Old 01.12.2016, 15:59
dodgyken's Avatar
Forum Legend
 
Join Date: Apr 2010
Location: Democratic Republic Kenistan
Posts: 9,806
Groaned at 340 Times in 276 Posts
Thanked 17,416 Times in 6,660 Posts
dodgyken has a reputation beyond reputedodgyken has a reputation beyond reputedodgyken has a reputation beyond reputedodgyken has a reputation beyond reputedodgyken has a reputation beyond reputedodgyken has a reputation beyond repute
Re: Question about how FINMA would handle this situation...

Quote:
View Post
Seconded. I was going to write exactly the same sentence (with 'there' substituted by 'their')
Oh how Swiss banking has changed

(I had a colleague bitching like crazy about the "beneficial owner BS" after failing to open company accounts at the major Swiss banks. Apparently his word should be good enough to except large transfers! I did explain it isn't the 1980s anymore)
Reply With Quote
The following 2 users would like to thank dodgyken for this useful post:
  #5  
Old 01.12.2016, 16:02
bigblue2's Avatar
Forum Legend
 
Join Date: Mar 2009
Location: Glarus
Posts: 6,147
Groaned at 309 Times in 249 Posts
Thanked 9,500 Times in 3,865 Posts
bigblue2 has a reputation beyond reputebigblue2 has a reputation beyond reputebigblue2 has a reputation beyond reputebigblue2 has a reputation beyond reputebigblue2 has a reputation beyond reputebigblue2 has a reputation beyond repute
Re: Question about how FINMA would handle this situation...

Quote:
View Post
Oh how Swiss banking has changed

(I had a colleague bitching like crazy about the "beneficial owner BS" after failing to open company accounts at the major Swiss banks. Apparently his word should be good enough to except large transfers! I did explain it isn't the 1980s anymore)

and he wasn't rich enough
Reply With Quote
  #6  
Old 01.12.2016, 16:10
dodgyken's Avatar
Forum Legend
 
Join Date: Apr 2010
Location: Democratic Republic Kenistan
Posts: 9,806
Groaned at 340 Times in 276 Posts
Thanked 17,416 Times in 6,660 Posts
dodgyken has a reputation beyond reputedodgyken has a reputation beyond reputedodgyken has a reputation beyond reputedodgyken has a reputation beyond reputedodgyken has a reputation beyond reputedodgyken has a reputation beyond repute
Re: Question about how FINMA would handle this situation...

Quote:
View Post
and he wasn't rich enough
9 figures
Reply With Quote
This user would like to thank dodgyken for this useful post:
  #7  
Old 03.12.2016, 14:27
Forum Veteran
 
Join Date: Feb 2014
Location: The World
Posts: 625
Groaned at 98 Times in 52 Posts
Thanked 397 Times in 217 Posts
Capo is considered unworthyCapo is considered unworthyCapo is considered unworthy
Re: Question about how FINMA would handle this situation...

Quote:
View Post
There requirement is to know the beneficial owner of the assets.
Quote:
View Post
Seconded. I was going to write exactly the same sentence (with 'there' substituted by 'their')
Thank you very much for the answers.

Still it's not clear to me and I will need to dig deeper into the regulations and talk to specialists.

I am aware that the some institutional investors such as pension funds obviously do not have to list all their " beneficial owners" so I was wondering how to structure something similar that would comply with FINMA.

Anyway, thank you guys for the feedback.
Reply With Quote
Reply




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
I would like to find Swiss au pair in the UK - how to go about this? Mamuska Jobs offered 1 14.09.2015 16:24
how do I handle this betreibungsamt JBZ86 Finance/banking/taxation 40 21.12.2012 20:41
So, how would you have handled this situation? Vlh22 Daily life 129 27.11.2012 21:12
How to handle any urgent situation over weekend Radha Other/general 4 20.07.2012 12:29
Swiss courts. Need some advises how to handle situation... Eugene Finance/banking/taxation 45 26.03.2010 17:05


All times are GMT +2. The time now is 18:08.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2016, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0