Anti Money Laundering (AML)
Confidia is subject to provisions on Anti Money Laundering (AML) under the laws of Switzerland, which are in accordance with the FATF recommendations. Switzerland is a member country of the Financial Action Task Force FATF). This means in particular that Confidia has to identify its customers and establish the beneficial owner’s identity. The AML compliance policies approved by the Management Board include inter alia the processes for the identification of the customers and establishing the identity of the beneficial owner. The policies also cover the collection of information regarding the customers’ business activities, relationships with Politically Exposed Persons and record retention procedures. Furthermore, HowToPay regularly provides AML training to relevant employees and does not provide banking services to any bank that does not maintain a physical presence in any country and that is not a regulated affiliate. The anti-money laundering policies are applicable to head office and branches alike and are in accordance with the Wolfsberg anti-money laundering principles.
The fight against money laundering and terrorist financing
As a self-regulatory organisation (SRO) approved by FINMA (Swiss Financial Supervisory Authority) , ARIF (Association Romande des Intermediaires Financiers) ensures the respect by its members of the Federal Act on Combating Money Laundering and Terrorist Financing in the Financial Sector (MLA) in the following areas.