# VSB 20 Art. 4 — Identifying the contracting partner - **Rubric (DE):** Identifizierung des Vertragspartners - **Rubric (EN):** Identifying the contracting partner - **Chapter:** 2. Kapitel — Identifizierung des Vertragspartners (1. Abschnitt: Allgemeine Bestimmungen) - **Scope:** Banks & securities firms (incorporated via [[GwV-FINMA Art. 35 - Identification, controlling person and beneficial|GwV-FINMA Art. 35]]) - **Status:** In force (since 1 January 2020) ## Description The bank must identify the contracting partner (*Vertragspartner*) when it enters into a business relationship (Abs. 1). This applies to the transactions listed in Abs. 2 Bst. a–g: opening accounts or passbooks (*Hefte*), opening custody accounts, fiduciary transactions, renting safe-deposit boxes, accepting mandates to manage assets held with third parties, executing trades in securities, foreign exchange, precious metals and other commodities, and cash transactions (*Kassageschäfte*) involving amounts of more than CHF 15,000 (Bst. g). A person already correctly identified in connection with an existing relationship need not be identified again when the existing business relationship is extended (Abs. 3). ## Context & interpretation The SBA commentary states that, since VSB 20 entered into force, the bank must identify the contracting partner for all trading transactions under Abs. 2 Bst. f, irrespective of the amount. On Bst. g, it refers to Art. 2 lit. b GwV-FINMA for the definition of *Kassageschäfte* and states that the earlier threshold of CHF 25,000 was lowered to CHF 15,000 following FATF criticism in the 2016 country report on Switzerland. On Abs. 3, it states that "correct" identification means compliance with the VSB rules in force when the relationship was opened or, alternatively, the rules currently in force. ## FATF - [[FATF R.10 - Customer due diligence|FATF R.10]] — identification of the customer when a business relationship is established and for cash (occasional) transactions. ## Swiss counterparts - [[GwG Art. 3 - Verification of the identity of|GwG Art. 3]] — statutory basis: identification of the contracting party when business relationships are entered into (Abs. 1); for cash transactions with a party not yet identified, only when linked transactions reach a "significant value", set by FINMA or the SROs (Abs. 2, 5). - [[GwV-FINMA Art. 51 - Cash transactions|GwV-FINMA Art. 51]] — parallel rule for cash transactions: identification where linked transactions reach or exceed CHF 5,000 for currency exchange and CHF 15,000 for all other cash transactions (Abs. 1), whereas VSB Art. 4 Abs. 2 Bst. g states "more than CHF 15,000" with no separate currency-exchange threshold. - [[GwV-FINMA Art. 2 - Definitions|GwV-FINMA Art. 2]] — lit. b defines *Kassageschäfte*; cited by the SBA commentary for Bst. g. ## Part of - [[VSB 20]] ## Further AMLR connections - [[AMLR Art. 19 - Application of CDD|AMLR Art. 19]] — VSB Art. 4 requires banks to identify the contracting partner when a relationship is opened and for cash transactions above CHF 15,000; AMLR sets EUR 10,000 / EUR 3,000 thresholds. *(direct)* - [[AMLR Art. 20 - CDD measures|AMLR Art. 20]] — VSB Art. 4 Abs. 1 obliges banks to identify the contracting partner on opening a relationship, the first of the measures listed in AMLR Art. 20(1) (point (a)); verification of identity is regulated in VSB Art. 9–12. *(direct)* - [[AMLR Art. 79 - Anonymous accounts - bearer shares|AMLR Art. 79]] — VSB 20 Art. 4 requires the bank to identify the contracting partner on opening accounts, savings books, custody accounts and safe-deposit boxes but contains no express ban on anonymous accounts, which AMLR Art. 79(1) states and extends to crypto-asset accounts. *(related)* ## Sources - VSB 20 (Vereinbarung vom 13. Juni 2018, in force 1.1.2020), Art. 4 - SBVg Kommentar zur VSB 20 (2020), Art. 4