# Scope note — GwV-FINMA Title 5 vs VSB 20 **Why this matters:** a one-to-one mapping from an AMLR article to a GwV-FINMA article often overstates precision, because the Swiss due-diligence rules are split by *type of institution*. The same duty is delivered by different instruments depending on who is supervised. ## The ordinance is divided by addressee The GwV-FINMA (SR 955.033.0) is structured in titles, and only Title 1 applies across the board: | Title | Articles | Addressee | |---|---|---| | 1 — Allgemeine Bestimmungen | Art. 1–34 | all FINMA-supervised financial intermediaries | | 2 — Besondere Bestimmungen für Banken und Wertpapierhäuser | Art. 35–39 | banks and securities firms | | 3 | Art. 40–41 | fund managements, CISA investment companies, managers of collective assets | | 4 | Art. 42–43 | insurance institutions | | **5** | **Art. 43a–76** | **see below** | | 6 — Schluss- und Übergangsbestimmungen | Art. 77 ff. | transitional | **Title 5 binds only a narrow group.** Art. 43a states it directly: *"Dieser Titel gilt für Personen nach Artikel 1b BankG und Finanzintermediäre nach Artikel 2 Absatz 2 Buchstaben a^bis und d^quater GwG."* — that is, fintech-licence holders under Art. 1b BankG, plus portfolio managers, trustees and DLT trading systems. **Title 5 does not govern banks.** ## What applies to banks instead For banks and securities firms, GwV-FINMA **Art. 35** (Title 2) refers the core identification duties out to self-regulation: *"Für die Identifizierung der Vertragsparteien und die Feststellung der Kontrollinhaberin oder des Kontrollinhabers und der an Vermögenswerten wirtschaftlich berechtigten Person gelten für Banken und Wertpapierhäuser die Bestimmungen der Vereinbarung vom 13. Juni 2018 über die Standesregeln zur Sorgfaltspflicht der Banken (VSB 20)."* So identification of the contracting party, the controlling person and the beneficial owner of assets is governed for banks by the **Swiss Bankers Association agreement on the code of conduct for due diligence (VSB 20, 13 June 2018)** — a self-regulatory instrument incorporated into the ordinance by reference. ## The consequence for this concordance Where an AMLR customer-due-diligence article is mapped to a Title 5 provision, the Swiss delivery is really **two-track**: - **banks and securities firms** → VSB 20, via GwV-FINMA Art. 35 - **fintech-licence firms, portfolio managers, trustees and DLT trading systems** → GwV-FINMA Title 5 directly A single article-to-article pin therefore captures only one of the two tracks. Read those mappings as indicative of where the duty lives, not as a claim that one provision covers every Swiss institution. > **Note:** VSB 20 is a private Swiss Bankers Association instrument and is not published > on Fedlex. Its *incorporation* is verified from GwV-FINMA Art. 35. Its *content* has since > been verified against the German original of the agreement of 13 June 2018 (the SBVg- and > FINMA-hosted texts, whose article texts are identical), and each article now has its own note — see > [[VSB 20]]. ## Sources - GwV-FINMA SR 955.033.0, Art. 43a (scope of Title 5) - GwV-FINMA SR 955.033.0, Art. 35 (renvoi to VSB 20 for banks and securities firms) - VSB 20 (Vereinbarung vom 13. Juni 2018, in force 1.1.2020), German original — article notes in `Swiss/VSB` - BankG SR 952.0, Art. 1b · GwG SR 955.0, Art. 2 Abs. 2 Bst. a^bis, d^quater