Our compliance policy
What is compliance?
Compliance concerns adherence to the legislative and regulatory provisions regarding banking and financial activities. It helps maintain the trust of stakeholders (clients, employees, investors, regulators, suppliers, etc.) in the Bank.
In an increasingly complex and regulated environment, banks have been required over the last few years to hold more detailed information about their clients. These obligations to monitor the accuracy and coherence of the information held about clients enable banks to know their clients better, in order to offer them better support and protection.
The Compliance Department at CA Indosuez (Switzerland) SA, in cooperation with Crédit Agricole Group and in accordance with Swiss and international requirements, defines and implements the non-compliance risk management policy in order to:
- protect the personal data of clients and employees,
- provide appropriate advice, prevent market abuse and conflicts of interest,
- control the risks of money laundering, terrorist financing, breaches of embargoes and international sanctions and tax evasion.
PROTECTING CLIENTS IN FINANCIAL MARKETS
Financial markets offer a number of investment and return opportunities, as well as highly varied risks that clients must identify in order to ensure that their decisions correspond to their risk appetite.
Facing complex financial markets the professionals at CA Indosuez (Switzerland) SA provide clients with their expertise and know-how to provide them with the best investment advice.
SUPPORTING CLIENTS IN THEIR INVESTMENT DECISIONS
In cooperation with its clients, CA Indosuez (Switzerland) SA assesses their financial literacy according to their knowledge of and experience with financial products, their wealth and their investment goals.
When the Bank provides investment advice, it ensures that the products recommended are suitable for the client receiving the advice.
Moreover, prior to any transaction (account opening and for more complex products), CA Indosuez (Switzerland) SA provides its clients with tailored information about the financial products and their risks to ensure that they fully understand the operation in question.
INFORMATION ABOUT THE POLICY FOR MANAGING CONFLICTS OF INTEREST AND PREVENTING MARKET ABUSE
As a provider of investment services, CA Indosuez (Switzerland) SA may face conflicts of interest. Our institution identifies and implements relevant measures to avoid conflicts of interest in accordance with the strict adherence to the Swiss professional secrecy and the implementation of information barriers as well as the monitoring of staff transactions. When such conflicts of interest cannot be avoided, the Compliance Department ensures that all clients are treated equally and transparently. CA Indosuez (Switzerland) SA applies rules and procedures in terms of the identification, prevention and management of conflicts of interest and also applies a mechanism for detecting transactions that may constitute market abuse and contravene the rules of transparency and integrity of international capital markets.
PREVENTING MONEY LAUNDERING AND TERRORIST FINANCING
In line with the legal and regulatory obligations and in accordance with Crédit Agricole Group policies, CA Indosuez (Switzerland) SA has implemented specific measures to prevent money laundering, terrorist financing and corruption, as well as to ensure compliance with embargoes and the freezing of assets.
These measures include requirements based on international law as well as requirements laid down by the Swiss regulation.
CODE OF ETHICS
CA Indosuez (Switzerland) SA has adopted a Code of Ethics, also shared with all entities of the Crédit Agricole Group, which reaffirms its identity and its values of customer focus, responsibility and solidarity. This Code expresses its commitments vis-à-vis its customers, shareholders, as well as to its suppliers and all its stakeholders.
This Code also serves as a reference document which defines all of the Bank’s actions, commitments and ambitions. Our corporate culture is based on the fundamental principles of action and behavior that it upholds.
CODE OF CONDUCT
This Code of Conduct puts into practice the commitments of the Code of Ethics, that is common to the entire Crédit Agricole Group, which is the foundation of ethical and professional conduct to be adopted.
FOREIGN ACCOUNT TAX COMPLIANCE ACT (“FATCA”)
FATCA is a U.S. law that came into force on 01.07.2014 and whose objective is to combat tax evasion by U.S tax payers. It applies on a worldwide basis and affects all financial institutions, their customers and counterparties. In a large number of countries, including Switzerland, Singapore and Hong Kong, the FATCA implementation is governed by an intergovernmental agreement with the United States and by national implementing provisions.
FATCA requires non-US financial institutions (including banks) to identify their U.S. customers, to identify the FATCA status of their counterparties, and to transmit to the US tax authority (Internal Revenue Service, “IRS”) information regarding assets and arising income which they benefit from, directly or indirectly.
FATCA also requires most non-US financial institutions to register with the IRS and obtain a FATCA identification number (Global Intermediary Identification Number," GIIN "), also used for the identification of their FATCA status vis-à-vis their counterparties. CA Indosuez (Switzerland) SA complies with FATCA requirements and is registered with the IRS as follows : CA Indosuez (Switzerland) SA, Reporting Model 2 Foreign Financial Institution, GIIN N° CEQ4EV.00067.ME.756
FATCA does not just impact our establishment, but also our customers and counterparties, the documentation of their status, our business policy and reporting and withholding processes.
The status of our customers and counterparties for U.S. tax purposes must be documented in establishing new business relations through a self-certification. It must be identified, and generally also documented through a self-certification, with respect to existing business relationships. Finally, it must be updated upon changes in circumstances. Our Bank may therefore need to contact its customers and counterparties in order to obtain clarifications and additional documentation to confirm their FATCA status. For US customers, a statement authorizing the transmission of their data is also required.
Customers and counterparties that do not timely provide the necessary information must be reported to the US tax authorities on an aggregated basis and are exposed to a 30% withholding on certain U.S. source income, as well as to be the subject of an extensive exchange of information in the event of a request for assistance from the IRS based on a treaty in force.
FATCA reportings made by our Bank do not replace your own tax reporting obligations to any competent tax authorities.
This information cannot be construed as a tax advice. Please consult the IRS website for more information and a qualified professional, aware of your personal situation, for any professional tax advice.
AUTOMATIC EXCHANGE OF INFORMATION (AEOI)
Within the framework of the fight against tax evasion, the OECD developed in July 2014 a new standard of automatic exchange of information between States concerning financial accounts. It allows the tax authorities of the participating States to obtain information annually on financial accounts held abroad by their taxpayers.
Over one hundred countries, including Switzerland, have committed to exchange information according to this new standard. The effective implementation of exchanges requires the prior signature of bilateral / multilateral agreements between States and a transposition into local laws. As an exception and for exchanges between its members, the European Union has adopted a directive on administrative cooperation that incorporates the mechanism for automatic exchange of information developed by the OECD.
This standard obliges financial institutions such as banks, depositories and life insurance companies established in countries that have signed such agreements to identify account holders being tax residents of countries being a party to such an agreement, and to transmit annually information (data concerning the account holder, accounts balances, income received, gross profit from the sale of securities,…) to their relevant tax authority. Collective investment vehicles and other investment entities managed by professionals are required to do the same as regards investors information. These tax authorities must them retransmit the data received to the tax authorities of the countries concerned.
Indosuez Wealth Management group entities are established in countries committed to sharing this information. CA Indosuez (Switzerland) SA is therefore required to comply strictly with the related regulations
BEST EXECUTION POLICY
As a client of CA Indosuez (Switzerland) SA, you may use our investment services to execute or transmit orders for financial instruments. In this context, and with a view to providing our clients with the best possible service, we undertake to execute your orders in the manner described in this best execution policy.