Duty to clarify the economic background and purpose of transaction or business relationship if:
- appears unusual or there are indications of criminal proceeds;
- carries a high risk
High-risk business relationship
Always a high risk business relationships are:
- foreign PEPs and their close persons
- foreign banks where a Swiss financial intermediary acts as correspondent bank
One or more of the following business relationships:
- local PEPs or their close persons
- PEPs or their close persons who hold leading functions in IGOs
- PEPs or their close persons who hold leading functions in sports organizations
High-risk transaction:
Required to investigate and develop criteria to recognize high-risk transactions (e.g.payments from FATF “high-risk” jurisdictions)
