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Old 01.12.2016, 13:55
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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!
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Old 01.12.2016, 13:59
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Re: Question about how FINMA would handle this situation...

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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.
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Old 01.12.2016, 14:36
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Re: Question about how FINMA would handle this situation...

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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')
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Old 01.12.2016, 14:59
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Re: Question about how FINMA would handle this situation...

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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)
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Old 01.12.2016, 15:02
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Re: Question about how FINMA would handle this situation...

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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
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Old 01.12.2016, 15:10
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Re: Question about how FINMA would handle this situation...

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and he wasn't rich enough
9 figures
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Old 03.12.2016, 13:27
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Re: Question about how FINMA would handle this situation...

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There requirement is to know the beneficial owner of the assets.
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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.
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