Hinduja Bank Compliance
Wolfsberg AML principles
Money laundering is the process by which illegally obtained money (from drug trafficking, terrorist activity or other serious crimes) is given the appearance of having originated from a legitimate source.
Financial institutions such as Hinduja Bank (Switzerland) Ltd are at the forefront of the battle against this criminal activity, which uses the international financial system to move money around and disguise its true origin. The Swiss Government, alongside many other countries, has passed legislation designed to prevent money laundering and to combat terrorism. This legislation forms the cornerstone of Hinduja Bank's anti-money laundering (AML) obligations, policies and procedures, which apply across our organisation.
For further details, please see the Wolfsberg Group Anti-Money Laundering Questionnaire of Hinduja Bank (Switzerland) Ltd.
US Patriot Act Certification
Under the US Patriot Act and the final rules issued by the U.S. Department of the Treasury, a U.S. bank or a U.S. broker-dealer in securities is required to obtain certain information from any non US-Bank to maintain a correspondent account with it.
As defined by the final rules, any financial institution can publish a Global Certification on their website. All institutions requiring the US Patriot Act Certification from Hinduja Bank (Switzerland) Ltd can download it on the corresponding website. Consequently, we would appreciate the utilisation of the certification on our website rather than requests directed to our institution.
For further details, please see the certification of Hinduja Bank (Switzerland) Ltd.
Automated Exchange of Information
AEOI requires Swiss financial institutions to identify reportable accounts and report them on an annual basis to the Federal Tax Administration (FTA). These common rules are drawn for reporting client's income and assets to their local authorities and to prevent tax evasion. FTA will exchange the information with the reportable person's country of residence solely with partners jurisdictions (please click here for the list of countries).