Multibanking for private customers: another step toward reality
The Swiss Bankers Association (SBA) has published a new leaflet on multibanking. It provides practice-oriented guidance on selected due diligence and disclosure duties in connection with multibanking services for regulated financial intermediaries.
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The contents of the leaflet reflect expert assessments discussed as part of a dialogue with the Swiss Financial Market Supervisory Authority (FINMA) and the State Secretariat for International Finance (SIF). It does not constitute a binding advance ruling or an official statement by the authorities, but rather practice-oriented advice derived from the dialogue.
The leaflet is intended to support member institutions in the legal classification and practical implementation of multibanking offerings. It covers aspects of the due diligence duties under the Anti-Money Laundering Act and the duties to provide information to the authorities. Technical specifications for implementation are deliberately not provided.
With today’s publication, the SBA and its members are making an active contribution to implementing the Federal Council’s Open Finance goals for the Swiss financial centre.