On 1 June 2015, the Swiss Bankers Association (SBA) presented the revised version of the agreement on the Swiss banks’ code of conduct with regard to the exercise of due diligence (CDB 16). A revision of the CDB 08 had become necessary due to the forthcoming changes in the Anti-Money Laundering Act “AMLA” and the FINMA Anti-Money Laundering Ordinance.
Driven by the need for the Swiss insurance supervision system to be considered equivalent with the EU's new Solvency II directive (SII), on 8 July 2015 FINMA released a consultation on new Own Risk and Solvency Assessment (ORSA) requirements for Swiss (re)insurers and captives. What does this require? Will it be a heavy burden?
The adaption to the recommendations of the FATF required the most comprehensive revision of the Swiss Anti Money Laundering regulation since 1998. Based on the amended Anti-Money Laundering Act (AMLA), FINMA fully revised the FINMA Anti-Money Laundering Ordinance (AMLO-FINMA). AMLA and AMLO-FINMA will enter into effect on 1 January 2016.
The tax treaty between Switzerland and Austria entered into effect on 1 January 2013 and the corresponding treaty between Liechtenstein and Austria entered into effect one year later. These treaties provide for the taxation and reporting of current investment income by banks in Switzerland and Liechtenstein to Austria.
Das Handelsregister ist ein öffentliches Register. Entsprechend können sämtliche Belegakten bei allen kantonalen Handelsregisterämtern persönlich eingesehen, meist auch schriftlich oder per Email gegen eine Gebühr angefordert werden. Die elektronische Abrufbarkeit birgt jedoch auch Risiken in sich.
A huge disparity has evolved over the last few years between companies' obligations to maintain detailed timekeeping records and the reality of day-to-day operations in many businesses. Currently valid regulations no longer satisfy modern-day needs and the multitude of working models that currently exist in many industries. This results in legal uncertainty.