Switzerland is a member of both the Financial Action Task Force (FATF) and the Basel Committee and has enacted laws and regulations which fully comply with the recommendations of both institutions. Bank Leumi (Switzerland) Ltd (“the Bank”) is a Swiss bank operating under the supervision of the Swiss Financial Market Supervisory Authority (FINMA) and subject to Swiss laws and regulations.
In compliance with relevant legislation and regulation the Bank has adopted measures aimed at deterring and detecting money laundering and terrorist financing activities in the Bank. The Head Legal & Compliance is acting also as the Anti-Money Laundering Officer of the Bank responsible for development and implementation of internal Anti-Money Laundering (AML) and Anti-Terrorist Financing (ATF) policies and procedures aimed at deterring and detecting AML and ATF activities in compliance with Swiss legislation and regulation. The Head Legal & Compliance reviews these policies and procedures on an on-going basis to ensure that they are up-to-date and effective. In addition, on-going training is provided to employees of the Bank with regard to their responsibilities in detecting, documenting and reporting unusual activities that may be related to money laundering and/or terror financing.
As part of its policy the Bank does not open and/or maintain anonymous accounts nor does it enter or continue banking relationships with Shell Banks. The Bank verifies the identity of contracting partners and establishes the identity of beneficial owners in accordance with the valid version of the Swiss Banks’ Code of Conduct with regard to the Exercise of Due Diligence (CDB), which requires an official identification document with a photograph as a mean of identification of individual contracting partners. The CDB received statutory status following its adoption by the Ordinance of the FINMA concerning the prevention of Money Laundering (AMLO-FINMA) which was issued pursuant to the Swiss Anti-Money Laundering Act 1997 (AMLA). The Bank policies and procedures are in strict compliance with Swiss legislation and regulation.
It is Bank Leumi (Switzerland)’s strict policy not to knowingly transact with individuals, entities and/or countries sanctioned by appropriate government agencies and to observe regulatory requirements in any jurisdiction in which the Bank operates.
