What due diligence obligations apply to True Wealth?

Financial service providers such as banks and wealth managers are obliged to identify their clients on the basis of official documents. They must identify and verify the beneficial owner of the assets deposited, clarify the origin of the assets, know the client's financial environment and periodically check that the relevant information and documents are up to date and update them if necessary. The Anti-Money Laundering Ordinance also obliges financial service providers to verify all transactions using an electronic system. This can lead to more in-depth clarifications, particularly due to the extension of due diligence obligations to qualified tax offenses.

Existing client data must be checked periodically, even without a specific reason, to ensure that it is up to date and confirmed or renewed by the client. We are also obliged to check and document customer data on a risk-oriented basis. If we or the account-holding custodian bank become aware of a transaction that is classified as unusual based on the previous business relationship, the background to this transaction must be clarified.