# VSB 20 - **Full title (DE):** Vereinbarung über die Standesregeln zur Sorgfaltspflicht der Banken (VSB 20) - **Parties:** Schweizerische Bankiervereinigung (SBVg) and the signatory banks; agreement dated 13 June 2018 - **Status:** In force (since 1 January 2020) - **Scope:** Banks & securities firms — incorporated for them by [[GwV-FINMA Art. 35 - Identification, controlling person and beneficial|GwV-FINMA Art. 35]]. See [[Scope note — GwV-FINMA Title 5 vs VSB 20]]. ## Description The Swiss Bankers Association's self-regulatory code on banks' due diligence: identifying the contracting partner (Chapter 2), establishing the controlling persons of operating legal entities (Chapter 3) and the beneficial owner of assets (Chapter 4), delegation, documentation and repetition duties (Chapter 5), the prohibitions on active assistance in capital flight and tax evasion (Chapters 6–7), and the audit, sanction and arbitration procedure (Chapter 8). Each article has its own note below. ## Articles ### 1. Kapitel: Einleitung - [[VSB 20 Art. 1 - Scope|VSB 20 Art. 1]] — Scope - [[VSB 20 Art. 2 - Relationship to other rules|VSB 20 Art. 2]] — Relationship to other rules - [[VSB 20 Art. 3 - Commentary on code of conduct|VSB 20 Art. 3]] — Commentary on this code of conduct ### 2. Kapitel: Identifizierung des Vertragspartners - [[VSB 20 Art. 4 - Identifying the contracting partner|VSB 20 Art. 4]] — Identifying the contracting partner - [[VSB 20 Art. 5 - Bearer savings books|VSB 20 Art. 5]] — Bearer savings books - [[VSB 20 Art. 6 - Identification irrespective of thresholds|VSB 20 Art. 6]] — Duty of identification irrespective of minimum thresholds - [[VSB 20 Art. 7 - Information to be documented|VSB 20 Art. 7]] — Information to be documented - [[VSB 20 Art. 8 - Identification by other appropriate means|VSB 20 Art. 8]] — Identification by other appropriate means - [[VSB 20 Art. 9 - Identification on face-to-face meeting|VSB 20 Art. 9]] — Identification on a face-to-face meeting - [[VSB 20 Art. 10 - Identification by correspondence|VSB 20 Art. 10]] — Identification when a business relationship is established by correspondence - [[VSB 20 Art. 11 - Issuers of authenticity certifications|VSB 20 Art. 11]] — Issuers of authenticity certifications - [[VSB 20 Art. 12 - Identification of registered entities|VSB 20 Art. 12]] — Identification based on an entry in the Swiss Commercial Register or an equivalent foreign register - [[VSB 20 Art. 13 - Unregistered entities and authorities|VSB 20 Art. 13]] — Identification without an entry in the Swiss Commercial Register or an equivalent foreign register and identification of a public authority - [[VSB 20 Art. 14 - Age of register extracts|VSB 20 Art. 14]] — Validity period of commercial register extracts and equivalent documents - [[VSB 20 Art. 15 - Verifying persons opening relationships|VSB 20 Art. 15]] — Checking the identity of persons establishing business relationships and taking note of power of attorney arrangements - [[VSB 20 Art. 16 - Simple partnerships and trustees|VSB 20 Art. 16]] — Identification of simple partnerships, companies in the process of foundation and trustees - [[VSB 20 Art. 17 - Publicly known entities|VSB 20 Art. 17]] — Publicly known legal entities, partnerships and public authorities - [[VSB 20 Art. 18 - Minors and rent-deposit accounts|VSB 20 Art. 18]] — Accountholder is a minor as well as rental surety accounts - [[VSB 20 Art. 19 - Identification within the group|VSB 20 Art. 19]] — Identification within the group ### 3. Kapitel: Feststellung des wirtschaftlich Berechtigten an operativ tätigen juristischen Personen und Personengesellschaften - [[VSB 20 Art. 20 - Establishing the controlling persons|VSB 20 Art. 20]] — Establishing the identity of the controlling person - [[VSB 20 Art. 21 - Information to be documented|VSB 20 Art. 21]] — Information to be documented - [[VSB 20 Art. 22 - Listed companies|VSB 20 Art. 22]] — Companies quoted on the stock exchange - [[VSB 20 Art. 23 - Public authorities|VSB 20 Art. 23]] — Public authorities - [[VSB 20 Art. 24 - Banks and other financial intermediaries|VSB 20 Art. 24]] — Banks and other financial intermediaries as contracting partners - [[VSB 20 Art. 25 - Further exceptions|VSB 20 Art. 25]] — Further exceptions concerning determination of controlling persons - [[VSB 20 Art. 26 - Condominium and co-ownership communities|VSB 20 Art. 26]] — Condominium owner and common ownership collectives ### 4. Kapitel: Feststellung des wirtschaftlich Berechtigten an den Vermögenswerten - [[VSB 20 Art. 27 - Establishing the beneficial owner|VSB 20 Art. 27]] — Establishing the identity of the beneficial owner - [[VSB 20 Art. 28 - Information to be documented|VSB 20 Art. 28]] — Information to be documented - [[VSB 20 Art. 29 - Natural persons|VSB 20 Art. 29]] — Natural persons - [[VSB 20 Art. 30 - Operating entities not listed|VSB 20 Art. 30]] — Operating legal entities and partnerships not quoted on the stock exchange - [[VSB 20 Art. 31 - Listed companies|VSB 20 Art. 31]] — Companies quoted on the stock exchange - [[VSB 20 Art. 32 - Public authorities|VSB 20 Art. 32]] — Public authorities - [[VSB 20 Art. 33 - Banks and other financial intermediaries|VSB 20 Art. 33]] — Banks and other financial intermediaries as contracting partners - [[VSB 20 Art. 34 - Simple partnerships|VSB 20 Art. 34]] — Simple partnerships - [[VSB 20 Art. 35 - Condominium and co-ownership communities|VSB 20 Art. 35]] — Condominium owner and common ownership collectives - [[VSB 20 Art. 36 - Professional secrecy holders|VSB 20 Art. 36]] — Individuals and entities that are bound by professional confidentiality - [[VSB 20 Art. 37 - Collective accounts and safekeeping accounts|VSB 20 Art. 37]] — Collective accounts and collective safekeeping accounts - [[VSB 20 Art. 38 - Collective investment schemes|VSB 20 Art. 38]] — Collective investments and investment companies - [[VSB 20 Art. 39 - Domiciliary companies|VSB 20 Art. 39]] — Domiciliary companies - [[VSB 20 Art. 40 - Foundations|VSB 20 Art. 40]] — Foundations - [[VSB 20 Art. 41 - Trusts|VSB 20 Art. 41]] — Trusts - [[VSB 20 Art. 42 - Insurance wrapper|VSB 20 Art. 42]] — Life insurance policy with separate account/securities account (insurance wrapper) ### 5. Kapitel: Delegation und Überwachungsvorschriften - [[VSB 20 Art. 43 - Delegation of identification duties|VSB 20 Art. 43]] — Delegation of the identification of the contracting partner, establishment of the controlling person and of the beneficial owner - [[VSB 20 Art. 44 - Duty to ensure documentation|VSB 20 Art. 44]] — Duty to ensure - [[VSB 20 Art. 45 - Timing of documentation|VSB 20 Art. 45]] — Point in time for fulfilling the duty to document - [[VSB 20 Art. 46 - Repetition in case of doubt|VSB 20 Art. 46]] — Duty to repeat due diligence with respect to this code of conduct in the event of doubts ### 6. Kapitel: Verbot der aktiven Beihilfe zur Kapitalflucht - [[VSB 20 Art. 47 - Flight of capital|VSB 20 Art. 47]] — Flight of capital - [[VSB 20 Art. 48 - Definition of flight of capital|VSB 20 Art. 48]] — Definition of flight of capital - [[VSB 20 Art. 49 - Transfers of capital abroad|VSB 20 Art. 49]] — Transfers of capital abroad - [[VSB 20 Art. 50 - Forms of active assistance|VSB 20 Art. 50]] — Forms of active assistance - [[VSB 20 Art. 51 - Visits to clients abroad|VSB 20 Art. 51]] — Visits to clients abroad - [[VSB 20 Art. 52 - Receipt of assets in Switzerland|VSB 20 Art. 52]] — Receipt of assets in Switzerland ### 7. Kapitel: Verbot der aktiven Beihilfe zu Steuerhinterziehung und ähnlichen Handlungen - [[VSB 20 Art. 53 - Tax evasion and similar acts|VSB 20 Art. 53]] — Tax evasion and similar acts - [[VSB 20 Art. 54 - Incomplete or misleading attestations|VSB 20 Art. 54]] — Incomplete or misleading attestations - [[VSB 20 Art. 55 - Special-purpose and amended attestations|VSB 20 Art. 55]] — Attestations provided for a specific purpose and changes to attestations - [[VSB 20 Art. 56 - Incomplete attestations defined|VSB 20 Art. 56]] — Definition of incomplete attestations - [[VSB 20 Art. 57 - Misleading attestations defined|VSB 20 Art. 57]] — Definition of misleading attestations ### 8. Kapitel: Prüf- und Verfahrensbestimmungen - [[VSB 20 Art. 58 - Application|VSB 20 Art. 58]] — Application - [[VSB 20 Art. 59 - Audit by the audit firm|VSB 20 Art. 59]] — Auditing - [[VSB 20 Art. 60 - Investigations|VSB 20 Art. 60]] — Investigations - [[VSB 20 Art. 61 - Sanctions procedure|VSB 20 Art. 61]] — Sanctions - [[VSB 20 Art. 62 - Abbreviated procedure|VSB 20 Art. 62]] — Abbreviated process - [[VSB 20 Art. 63 - Minor cases|VSB 20 Art. 63]] — Minor cases - [[VSB 20 Art. 64 - Violations of the rules|VSB 20 Art. 64]] — Violations of the rules of this code of conduct - [[VSB 20 Art. 65 - Limitation period|VSB 20 Art. 65]] — Limitation period - [[VSB 20 Art. 66 - Supervisory commission|VSB 20 Art. 66]] — Supervisory commission - [[VSB 20 Art. 67 - Investigators|VSB 20 Art. 67]] — Investigators - [[VSB 20 Art. 68 - Arbitration procedure|VSB 20 Art. 68]] — Arbitration procedure ### 9. Kapitel: Schlussbestimmungen - [[VSB 20 Art. 69 - Entry into force|VSB 20 Art. 69]] — Entry into force - [[VSB 20 Art. 70 - Transitional provisions|VSB 20 Art. 70]] — Transitional provisions ## FATF - [[FATF R.10 - Customer due diligence|FATF R.10 — Customer due diligence]] — For banks and securities firms, identification of the contracting party, controlling person and beneficial owner runs through VSB 20 (GwV-FINMA Art. 35). *(direct)* ## Swiss counterparts - [[GwV-FINMA Art. 40 - Fund managements and CISA investment|GwV-FINMA Art. 40]] — GwV-FINMA Art. 40 Abs. 4 makes VSB 20 apply to fund management companies' methods for identifying the contracting party and establishing the controlling person and beneficial owner. *(direct)* - [[GwV-FINMA Art. 41 - Collective asset managers of foreign|GwV-FINMA Art. 41]] — GwV-FINMA Art. 41 Abs. 3 makes VSB 20 apply to the methods used by managers of foreign collective investment schemes for identification and for establishing the controlling person and beneficial owner. *(direct)* ## Sources - VSB 20 (Vereinbarung vom 13. Juni 2018, in force 1.1.2020), German original (SBVg and FINMA-hosted PDFs, compared word-for-word) - SBVg Kommentar zur VSB 20 (2020) ## Serves AMLR - [[AMLR Art. 19 - Application of CDD|AMLR Art. 19]] — Application of CDD - [[AMLR Art. 20 - CDD measures|AMLR Art. 20]] — CDD measures - [[AMLR Art. 21 - Inability to comply with CDD|AMLR Art. 21]] — Inability to comply with CDD - [[AMLR Art. 22 - ID - verify customer + BO|AMLR Art. 22]] — ID / verify customer + BO - [[AMLR Art. 23 - Timing of verification|AMLR Art. 23]] — Timing of verification - [[AMLR Art. 28 - RTS on CDD information|AMLR Art. 28]] — RTS on CDD information - [[AMLR Art. 51 - Identify BO of legal entities|AMLR Art. 51]] — Identify BO of legal entities