# VSB 20 Art. 60 — Investigations - **Rubric (DE):** Ermittlungsverfahren - **Rubric (EN):** Investigations - **Chapter:** 8. Kapitel — Prüf- und Verfahrensbestimmungen (1. Abschnitt: Verfahren) - **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 Abs. 1: on suspicion of contract violations, the investigator (*Untersuchungsbeauftragter*) carries out the necessary investigations on behalf of the supervisory commission (*Aufsichtskommission*) and applies to it for a sanctions procedure and/or for the whole or partial closure of the proceedings; with the application he transfers the files of the investigation to the Aufsichtskommission. Abs. 2: the investigator determines whether the provisions of the VSB were violated, but is not competent to clarify as a preliminary question whether the GwV-FINMA was violated. Abs. 3: in his request for information the investigator tells the bank why it is included in the investigation. Abs. 4: in minor cases (*Bagatellfälle*) under Art. 63 the investigator may close the investigation on his own authority if the bank acknowledges a violation of the code of conduct and undertakes to remedy the deficiency within six months and to bear the costs of the investigation; the period can be extended once on reasoned request; if the deficiency is not remedied in time, the proceedings continue; the closure must be justified in writing and notified to the bank and to the Aufsichtskommission. Abs. 5: the SBVg regulates the investigation procedure, the position of the investigators and that of the bank affected in an investigation regulation (*Untersuchungsreglement*). ## Context & interpretation The SBA commentary states that the investigators' power to close minor cases under Abs. 4 has an analogous rule in Art. 6 of the Untersuchungsreglement. On Abs. 2, it states that violations of the GwV-FINMA are examined by the FINMA or by the audit firms it appoints, so the investigators and the Aufsichtskommission VSB do not examine whether the bank clarified the economic background of business relationships and transactions as the GwG requires. An investigation whether Art. 46 was violated is to be carried out only if there are concrete indications that the person listed as contracting partner, controlling person or beneficial owner may be incorrect; "fishing expeditions" are not permitted. ## FATF - None directly. ## Swiss counterparts - [[GwG Art. 12 - Competence (supervision)|GwG Art. 12]] — related: allocates supervision of compliance with the GwG's second-chapter duties to the FINMA for financial intermediaries under Art. 2 Abs. 2 lit. a–d quater (Art. 12 lit. a); the commentary says compliance with the GwV-FINMA is examined by the FINMA, not by the VSB investigators. - [[VSB 20 Art. 63 - Minor cases|VSB 20 Art. 63]] — defines the minor cases in which the investigator may close the investigation (Abs. 4). - [[VSB 20 Art. 61 - Sanctions procedure|VSB 20 Art. 61]] — the sanctions procedure the investigator may apply for (Abs. 1). - [[VSB 20 Art. 46 - Repetition in case of doubt|VSB 20 Art. 46]] — provision the commentary mentions on when an investigation is to be carried out. ## Part of - [[VSB 20]] ## Sources - VSB 20 (Vereinbarung vom 13. Juni 2018, in force 1.1.2020), Art. 60 - SBVg Kommentar zur VSB 20 (2020), Art. 60