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The revision of the Swiss Anti-Money Laundering Act (AMLA) coming into effect on January 1, 2023, entails the requirement to regularly review all client relationships.
What does that mean?
All client relationships are now subject to regular KYC reviews including the client documentation and clients’ basic data which must also be reviewed and updated if necessary.
How will this impact you as FIM?
As part of the regular KYC reviews UBS will dispatch an overview of the relevant basic data (Basic Data Review sheet or “BDR”) to clients. The distribution of the BDR will be in accordance with their mailing instructions.
In cases where the client’s instructions are to send the original mail to you, please kindly ensure you share it with your clients for review so that UBS may receive back the BDR confirmation in a timely fashion.
Further, if during a periodic client review outdated/missing CDB documents are identified, they will need to be replaced with the current versions. Your client advisor might approach you for this task which is subject to strict regulatory deadlines.
We would like to thank you in advance for your support. Should you have any questions or require any further information, please don’t hesitate to contact your UBS client advisor.
Except where explicitly stated, UBS does not provide legal or tax advice and this publication does not constitute such advice. UBS strongly recommends to all persons considering the products and services mentioned in this document to obtain appropriate independent legal, tax and other professional advice.
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