Switzerland: corporate bank account opening

Obtain a commercial-register extract and the company's business and address details. Check registered signatories and whether their powers require joint signatures. Obtain a banking mandate for additional account operators and verify their identity and authority.

Form K and controlling persons

For an operating legal entity, CDB Form K records individuals holding 25% or more of capital or voting rights. If there are none, identify individuals controlling the company by other means; if neither applies, record the managing director or directors under the form's sequence.

Obtain the ownership information supporting that declaration. Corporate shareholders require enough evidence to identify the relevant individuals rather than merely a list of immediate company names.

Form K also asks whether a third person beneficially owns the assets booked to the relationship. If so, the relevant Form A, S or T information is required. Determine whether the customer is an operating company, domiciliary company or another structure before choosing the declaration; a single Form K workflow does not cover every entity.

Funding and approval

Record the account purpose and expected transactions. FINMA's AML framework requires clarification of unusual or higher-risk transactions and relationships. Obtain source-of-funds evidence for the proposed assets and the additional source-of-wealth information and approvals required for relevant PEP or higher-risk cases.

Resolve sanctions findings before activation. Retain the declarations, verification evidence and mandate, and update them when controlling persons, asset ownership or authorised signatories change.