Go Back   English Forum Switzerland > Help & tips > Finance/banking/taxation  
Reply
 
Thread Tools Display Modes
  #1  
Old 30.09.2011, 09:48
Banned
 
Join Date: Jul 2011
Location: Vevey
Posts: 74
Groaned at 0 Times in 0 Posts
Thanked 18 Times in 12 Posts
Fawad has earned some respectFawad has earned some respect
BCV: Origin of Funds inquiry??

So my Bank Manger calls and he is asking for a meeting today to discuss the origin of funds that I have in my account?

Note that I did a wire transfer when I moved to Switzerland from USA. I have payed all my taxes etc in US so I wonder why the manager wants me to come see him??
Reply With Quote
  #2  
Old 30.09.2011, 09:53
KB88111
 
Posts: n/a
Re: BCV: Origin of Funds inquiry??

he's probably mad-keen on AML and the fact that you either have a green card or US passport
Reply With Quote
  #3  
Old 30.09.2011, 09:53
fatmanfilms's Avatar
Forum Legend
 
Join Date: Apr 2010
Location: Verbier
Posts: 21,376
Groaned at 461 Times in 352 Posts
Thanked 23,091 Times in 11,824 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: BCV: Origin of Funds inquiry??

Quote:
View Post
So my Bank Manger calls and he is asking for a meeting today to discuss the origin of funds that I have in my account?

Note that I did a wire transfer when I moved to Switzerland from USA. I have payed all my taxes etc in US so I wonder why the manager wants me to come see him??
He wants to ask you the source of the Funds, there are money laundering laws, every transaction over $10,000 gets flagged, some get investigated.

He has to 'know' his client
Reply With Quote
The following 2 users would like to thank fatmanfilms for this useful post:
  #4  
Old 30.09.2011, 09:55
Banned
 
Join Date: Jul 2011
Location: Vevey
Posts: 74
Groaned at 0 Times in 0 Posts
Thanked 18 Times in 12 Posts
Fawad has earned some respectFawad has earned some respect
Re: BCV: Origin of Funds inquiry??

Quote:
View Post
he's probably mad-keen on AML and the fact that you either have a green card or US passport
How does having (or not having a US GC/Passport) affect this?
Reply With Quote
  #5  
Old 30.09.2011, 09:57
KB88111
 
Posts: n/a
Re: BCV: Origin of Funds inquiry??

Quote:
View Post
How does having (or not having a US GC/Passport) affect this?
Swiss banks are currently hyper-sensitive about US clients, resident or otherwise. It's been in the news a little bit.

Having GC or passport means you have tax obligations in the US.
Reply With Quote
The following 2 users would like to thank for this useful post:
  #6  
Old 30.09.2011, 10:02
stephen_NE's Avatar
Forum Veteran
 
Join Date: Feb 2011
Location: Luzern
Posts: 1,512
Groaned at 1 Time in 1 Post
Thanked 1,594 Times in 758 Posts
stephen_NE has a reputation beyond reputestephen_NE has a reputation beyond reputestephen_NE has a reputation beyond reputestephen_NE has a reputation beyond repute
Re: BCV: Origin of Funds inquiry??

Yes, this is normal practice and not restricted to US citizens (I am British).

I did a wire transfer from the US to Switzerland last year after selling some stock options, and got an immediate call from the bank asking me to clarify where the money came from. The local tax authorities also asked about the origin of the funds when I did my tax declaration.

In both cases I simply said "stock options" and no more questions were asked. They are just checking that it's all above board.
Reply With Quote
This user would like to thank stephen_NE for this useful post:
  #7  
Old 30.09.2011, 10:08
Banned
 
Join Date: Jul 2011
Location: Vevey
Posts: 74
Groaned at 0 Times in 0 Posts
Thanked 18 Times in 12 Posts
Fawad has earned some respectFawad has earned some respect
Re: BCV: Origin of Funds inquiry??

I wonder why they couldn't just ask me this over the phone instead of me going over. Leaving to see the banker now...

Thanks guys
Reply With Quote
  #8  
Old 30.09.2011, 10:10
Forum Legend
 
Join Date: Oct 2009
Location: la cote
Posts: 3,664
Groaned at 24 Times in 15 Posts
Thanked 3,313 Times in 1,743 Posts
runningdeer has a reputation beyond reputerunningdeer has a reputation beyond reputerunningdeer has a reputation beyond reputerunningdeer has a reputation beyond reputerunningdeer has a reputation beyond repute
Re: BCV: Origin of Funds inquiry??

Quote:
View Post
I have payed all my taxes etc in US so I wonder why the manager wants me to come see him??
But have you declared this account on the FBAR form? Seems other swiss banks are starting to be proactive, following UBS and CS, and in advance of new reporting laws.
Reply With Quote
  #9  
Old 30.09.2011, 10:10
KB88111
 
Posts: n/a
Re: BCV: Origin of Funds inquiry??

Quote:
View Post
I wonder why they couldn't just ask me this over the phone instead of me going over. Leaving to see the banker now...

Thanks guys
they use thumbscrews to ensure the truth is told

it's a formality, I'm sure your CA also wants to be extra nice to you because of this.
Reply With Quote
  #10  
Old 30.09.2011, 11:12
Banned
 
Join Date: Jul 2011
Location: Vevey
Posts: 74
Groaned at 0 Times in 0 Posts
Thanked 18 Times in 12 Posts
Fawad has earned some respectFawad has earned some respect
Re: BCV: Origin of Funds inquiry??

He met me for half hour and didn't even ask me about the origin of money. He talked to me about ways to save taxes in CH, pension funds, 3rd pillar pension fund on saving account and credit cards in CH. He brought me a book on real estate mortgages and how they works in CH and that’s it.

Thanks for the advice guys. I was already feeling like a fugitive when I was going to the bank
Reply With Quote
  #11  
Old 30.09.2011, 11:13
KB88111
 
Posts: n/a
Re: BCV: Origin of Funds inquiry??

you must've transferred a nice amount into the account
Reply With Quote
  #12  
Old 30.09.2011, 11:18
Banned
 
Join Date: Jul 2011
Location: Vevey
Posts: 74
Groaned at 0 Times in 0 Posts
Thanked 18 Times in 12 Posts
Fawad has earned some respectFawad has earned some respect
Re: BCV: Origin of Funds inquiry??

Quote:
View Post
you must've transferred a nice amount into the account
Any amount coming in is "nice" and going out isn't
Reply With Quote
The following 3 users would like to thank Fawad for this useful post:
  #13  
Old 30.09.2011, 13:15
Uncle Max's Avatar
Forum Legend
 
Join Date: Jun 2006
Location: Züri
Posts: 7,553
Groaned at 164 Times in 105 Posts
Thanked 8,424 Times in 3,486 Posts
Uncle Max has a reputation beyond reputeUncle Max has a reputation beyond reputeUncle Max has a reputation beyond reputeUncle Max has a reputation beyond reputeUncle Max has a reputation beyond reputeUncle Max has a reputation beyond repute
Re: BCV: Origin of Funds inquiry??

I just say "From my Mum, now what I mean?" when they ask, and then when quizzed what the transfer is for just reply "Sausages".

They have never, ever questioned / verified my made up answers. So much for compliance...
Reply With Quote
  #14  
Old 30.09.2011, 13:21
fatmanfilms's Avatar
Forum Legend
 
Join Date: Apr 2010
Location: Verbier
Posts: 21,376
Groaned at 461 Times in 352 Posts
Thanked 23,091 Times in 11,824 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: BCV: Origin of Funds inquiry??

Quote:
View Post
I just say "From my Mum, now what I mean?" when they ask, and then when quizzed what the transfer is for just reply "Sausages".

They have never, ever questioned / verified my made up answers. So much for compliance...
By law in most countries, they just file a suspicious transaction report, it's a criminal offence for them to you they have done so.
Reply With Quote
  #15  
Old 30.09.2011, 22:08
marton's Avatar
Forum Legend
 
Join Date: May 2008
Location: Kt. Zürich
Posts: 11,810
Groaned at 611 Times in 517 Posts
Thanked 21,740 Times in 11,420 Posts
marton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond reputemarton has a reputation beyond repute
Re: BCV: Origin of Funds inquiry??

Quote:
View Post
I just say "From my Mum, now what I mean?" when they ask, and then when quizzed what the transfer is for just reply "Sausages".

They have never, ever questioned / verified my made up answers. So much for compliance...
Can I meet your mum??
Reply With Quote
The following 2 users would like to thank marton for this useful post:
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
Proof of manufactur origin of car(importing)/EUR1 skilly Transportation/driving 3 18.07.2017 11:43
Sub-forums based on country of origin? appukuttannair16 Forum support 12 27.07.2010 17:00
Arête des Quatre Anes: origin of name RetiredInNH Travel/day trips/free time 0 12.09.2008 01:49
State of Origin Game 1 brizzy Social events 0 17.05.2008 12:48
True origin of the name of Switzerland Louis de Funes Daily life 7 13.09.2007 23:35


All times are GMT +2. The time now is 18:30.


Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2022, Jelsoft Enterprises Ltd.
LinkBacks Enabled by vBSEO 3.1.0