Duty to clarify the economic background and purpose of a transaction or a business relationship if:
- it appears unusual or there are indications of criminal proceeds
- it carries a high risk
High-risk business relationship
Business relationships which are always to be classified as “high risk” are business relationships with:
- foreign PEPs and their close persons
- foreign banks where a Swiss financial intermediary acts as correspondent bank
- business relationships with persons domiciled in a country that is considered “high risk” or non-cooperative by the FATF and for which the FATF calls for increased due diligence
Business relationships with increased risk are defined in connection with one or more of the following risk criteria:
- local PEPs or their close persons
- PEPs or their close persons who hold leading functions in intergovernmental organisations
- PEPs or their close persons who hold leading functions in sports organisations
High-risk transaction:
Required to investigate and develop criteria to recognize high-risk transactions (e.g.payments from FATF “high-risk” jurisdictions)
