Minor cases. In minor cases, the proceedings against the bank at fault must be closed without any sanction. A violation of the code of conduct will in particular be considered minor if the objective of the agreement, i.e. the identification of of the contracting partner, the establishement of the controlling person and of the beneficial owner, has been achieved despite formal shortcomings. The following are examples of minor violations:
Appears in 2 contracts
Sources: Agreement on the Swiss Banks’ Code of Conduct With Regard to the Exercise of Due Diligence, Agreement on the Swiss Banks’ Code of Conduct With Regard to the Exercise of Due Diligence
Minor cases. In minor cases, the proceedings against the bank at fault must be closed without any sanction. A violation of the code of conduct will in particular be considered minor if the objective of the agreement, i.e. the identification of of the contracting partner, the establishement establishment of the controlling person and of the beneficial owner, has been achieved despite formal shortcomings. The following are examples of minor violations:
Appears in 1 contract
Sources: Code of Conduct Agreement