Prevention of money laundering

On the 1st of April 1998 the Swiss federal government introduced the law relative to money laundering in the financial sector. Since then, due diligence procedures followed by financial firms and banks have considerably tightened. As a financial services firm ACM is obliged to adhere to the regulatory procedures lain down by the Federal authority against money laundering. This is manifested by the need for our customers to supply us with documentation proving their identity and origin of funds so that we may make subsequent checks to determine whether the funds ACM will accept are in fact derived from a legal origin. We wish to explain to our customers in detail how the process works so our customers may better understand why we ask them for their personal information. What is money laundering? Criminals have to find a way of making the money they get from their criminal activities “clean”. They try to launder their illicit funds by getting them into the financial system without detection or arousing suspicion. If they can get their funds into the financial system they can then transfer it between different bank accounts or financial products across the world, or use it to buy goods and services. The idea is to make the illicit funds look like they have come from a legitimate source. Criminals try to make it as hard as possible for the authorities to connect the money with its criminal past. The "clean" money is often used to fund further crimes, including acts of terrorism. Why must I prove my identity to ACM? Criminals won't use their real name or address to buy financial products or services or open a bank account - it would be too easy to trace the money back to them. So, they use false identities and addresses. They may even try to buy a product or open an account using your identity. This is why financial services firms like ACM have the responsibility to check to make sure they know their customer before they agree to open an account or allow you to buy their financial products or services. What kind of identification and information do I need to provide to ACM? You will need to show that you are who you say you are and that you live where you say you live. Additionally you must clearly specify on the customer agreement where your transfer will be coming from (which bank, account number etc.). You must also clearly specify on the customer agreement from which activity your funds originate. An Original certified copy of an ID or passport (or driver’s licence in the US). (You can obtain certification at your local town hall, police station or public notary). Your photograph and your signature must be clearly visible so that ACM may compare it with the signature on your customer agreement. You must clearly specify on the ACM customer agreement which bank your transfer will be coming from, your account number and beneficiary name, (the account beneficiary must match the name on your customer agreement, namely: your own. Additionally, any profits and/or original remaining funds you wish to repatriate must go back to the same account number and especially the same beneficiary name, again: your own. You must also clearly specify on the customer agreement from which activity your funds originate. Official certification is required because they are more difficult to forge. Please remember though, Swiss money laundering regulations require ACM to verify your identity and to keep copies of the documentation you give them. If it is not possible to verify your identity, then by law ACM will not be able to provide you with its products or services.