It should be mentioned that the guidelines outline series of checks that banks should complete when opening a bank account for blockchain activity, including Know Your Customer (KYC) and AML checks for companies that have completed ICOs in both cryptocurrencies and fiat currencies.
Regardless of whether the financing is for the issuance of tokens or shares – KYC obligations (eg, Benefit Ownership) exist when financing through fiat currencies as with a regular account opening. In this context, ICO participants/investors must identify beneficial owners in accordance with the AML.
The guidelines do not define binding minimum standards. Institution-specific instructions issued by SBA members will take precedence. Each bank is responsible for its own business activities.
To sum everything up, the guidelines should assist banks in understanding what requirements they should apply, but will also help blockchain and cryptocurrency firms understand what information they must provide, and what measures they must take in order to open an account.
By issuing these guidelines, the SBA is promoting the optimum working environment to support a diverse Fintech system. Corporate bank accounts are an essential infrastructure service, and banks have an interest in doing business in this fast-growing area. At the same time, the applicable due diligence obligations are binding, and there is no automatic right to open an account. The integrity and reputation of the Swiss financial centre must remain the top priority for all market participants.Source: https://www.swissbanking.org/en/media/positions-and-press-releases/opening-corporate-accounts-for-blockchain-companies-guidelines?set_language=en
Legal disclaimer. This article does not constitute legal advice and does not establish an attorney-client relationship. The article should be used for informational purposes only.