Changes affecting cross-border Payments

The Swiss Federal Banking Commission Money Laundering Ordinance which came into force already in July 2003 requires the name and address of the Swiss account holder to be supplied when making cross-border payments. From 29 October 2007, the account number will also needed to be shown.

This change is necessary because under FATF (Financial Action Task Force) measures to combat money laundering and terrorism financing, FATF member states and their financial institutions throughout the world, are obliged to provide certain information on the parties involved in payments orders.

Payments orders which do not contain following information : name, address, account number of the Swiss account holder may no longer be executed by banks in the EU and in other countries.

This information will be communicated to the banks and systems operators involved in the settlement of your cross-border payments and payment orders in foreign currencies.

As a rule, the beneficiary also receive information on the originator. It is also possible that the banks, the systems operators or SWIFT (Society for Wordlwide Interbank Financial Telecommunication) involved in the the transaction will transmit the data to appointed third parties in other countries for further processing or storage.

If data about you as originator goes outside Switzerland, it is no longer protected by Swiss Laws. Foreign laws or officials orders may require that this data be passed on to authorities or other third parties.

FINANTRADEX is making you aware of this statement as it considers that it is committed to comply with legacy and application of Swiss Law on cross-border payments.

 
         
Your satisfaction,

                                         …target of our mission.