Switzerland: corporate life-insurance onboarding

Swiss insurers conducting business subject to AMLA apply the relevant FINMA or SRO-SIA due-diligence framework. Obtain the corporate contracting party's commercial-register extract, business details and registered representation powers. Verify the person arranging the cover and their authority under those powers or a valid delegation.

Owners of the company and the policy assets

Establish the beneficial ownership information required for the insurer's relationship and obtain the applicable declarations and supporting ownership records. A bank's Form K is part of the banking due-diligence framework; do not make that bank form a universal insurance application requirement.

Record the insured person, premium payer, beneficiary and reason for the corporate cover. If assets used for premiums belong to a third party, obtain the information and documents needed to identify that party and explain the arrangement.

Clarify funding and policy rights

Request evidence for a large single premium, an unrelated payer or a proposed payment to someone other than the contracting party. An assignment to a lender should be supported by the assignment agreement and the relevant financing terms.

FINMA requires clarification of unusual or higher-risk relationships and transactions. Apply the relevant PEP, source-of-wealth and source-of-funds measures and approvals under the insurer's applicable rules, and resolve sanctions findings.

Keep beneficiary nominations, assignments and authority records current. Before a surrender or benefit payment, review the current recipient, their entitlement and the verification required for that policy event.