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Account Opening Agreement

Account Opening Agreement Template for Switzerland

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Key Requirements PROMPT example:

Account Opening Agreement

"I need a Swiss Account Opening Agreement for a private banking relationship with high-net-worth individuals, including investment services and multi-currency accounts, with enhanced due diligence provisions and specific clauses for discretionary portfolio management."

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Document background
The Account Opening Agreement serves as the foundational document establishing the contractual relationship between a Swiss bank and its clients. This agreement is required whenever a new banking relationship is established in Switzerland, whether for individual, joint, or corporate accounts. It must comply with strict Swiss regulatory requirements, including those set forth by FINMA (Swiss Financial Market Supervisory Authority) and the Swiss Bankers Association. The document incorporates mandatory provisions regarding customer identification, anti-money laundering compliance, banking secrecy, data protection, and account operation terms. It is designed to protect both the bank's and client's interests while ensuring compliance with Switzerland's sophisticated banking laws and regulations. The agreement typically includes various schedules and appendices to accommodate different types of banking services and account features that may be required by the client.
Suggested Sections

1. Parties: Identification of the bank and the account holder(s), including full legal names and addresses

2. Background: Brief context of the agreement and its purpose

3. Definitions: Key terms used throughout the agreement

4. Account Opening and Operation: Basic terms and conditions for opening and operating the account

5. Customer Identification and Due Diligence: Requirements for identity verification and ongoing due diligence in compliance with Swiss regulations

6. Account Services and Features: Description of basic services provided with the account

7. Instructions and Communications: Methods of giving instructions to the bank and communication channels

8. Fees and Charges: Overview of applicable fees, charges, and payment terms

9. Data Protection and Banking Secrecy: Provisions regarding data privacy and Swiss banking secrecy obligations

10. Security and Access: Security measures and access procedures for the account

11. Termination: Conditions and procedures for account closure

12. Governing Law and Jurisdiction: Confirmation of Swiss law application and jurisdiction

13. General Provisions: Miscellaneous legal provisions including severability and amendments

Optional Sections

1. Joint Account Provisions: Additional terms for joint accounts, used when account has multiple holders

2. Online Banking Services: Terms for digital banking access, included when online services are requested

3. Investment Services: Terms for investment accounts and services, included for accounts with investment features

4. Foreign Currency Accounts: Specific provisions for foreign currency accounts, included when applicable

5. Credit Facilities: Terms for overdraft or credit facilities, included when credit services are offered

6. Corporate Account Provisions: Special terms for corporate accounts, included for business customers

7. Power of Attorney: Terms regarding authorized representatives, included when POA is granted

Suggested Schedules

1. Schedule of Fees and Charges: Detailed listing of all applicable fees and charges

2. Schedule of Services: Comprehensive description of available banking services

3. Required Documentation List: List of documents required for account opening and ongoing maintenance

4. Risk Disclosure Statement: Mandatory disclosures about various banking and investment risks

5. Data Privacy Notice: Detailed information about data processing and privacy protection

6. Signature Specimen Form: Form for recording authorized signatures

7. FATCA/CRS Self-Certification: Tax reporting compliance forms

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Account
Account Holder
Agreement
Authorized Person
Authorized Signature
Bank
Banking Day
Banking Hours
Banking Secrecy
Beneficial Owner
Business Relationship
Client
Client Documentation
Confidential Information
Controlling Person
Correspondent Bank
CRS
Due Diligence
Electronic Services
FATCA
Fee Schedule
Financial Assets
FINMA
Force Majeure
Governing Law
Instructions
Interest Rate
Joint Account
KYC Documentation
Means of Identification
Notice
Online Banking Services
Password
Payment Instruction
Personal Data
Power of Attorney
Professional Secrecy
Reference Currency
Regulatory Authority
Related Party
Sanctions
Security Credentials
Security Procedures
Services
Specimen Signature
Statement of Account
Swiss Law
Tax Documentation
Terms and Conditions
Transaction
User ID
Value Date
Clauses
Parties and Definitions
Account Operation
Banking Services
Authorization and Powers
Instructions and Communications
Fees and Charges
Interest
Banking Secrecy
Data Protection
Confidentiality
Due Diligence
Anti-Money Laundering
Know Your Customer
Risk Disclosure
Security Measures
Online Banking
Payment Services
Currency Exchange
Joint Account
Power of Attorney
Liability
Indemnification
Force Majeure
Set-off Rights
Account Statements
Notices
Amendment
Assignment
Termination
Governing Law
Jurisdiction
Dispute Resolution
Severability
Entire Agreement
Regulatory Compliance
Tax Compliance
Relevant Industries

Banking

Financial Services

Wealth Management

Corporate Services

Retail Banking

Private Banking

Investment Banking

Asset Management

Trust Services

Professional Services

All Business Sectors (as clients)

Relevant Teams

Legal

Compliance

Customer Onboarding

Account Services

Risk Management

Retail Banking

Corporate Banking

Private Banking

Documentation

Operations

Client Relations

Regulatory Affairs

Relevant Roles

Compliance Officer

Legal Counsel

Relationship Manager

Account Manager

Banking Operations Manager

Risk Manager

Customer Due Diligence Officer

Branch Manager

Corporate Banking Officer

Private Banking Advisor

Legal Documentation Specialist

Regulatory Affairs Manager

Client Onboarding Specialist

KYC Analyst

Banking Services Administrator

Industries
Swiss Federal Banking Act (BA): The fundamental law governing banking activities in Switzerland, establishing the framework for bank-customer relationships and basic requirements for account opening
Swiss Federal Act on Financial Services (FinSA): Regulates the provision of financial services and offering of financial instruments, including client categorization and information requirements
Swiss Anti-Money Laundering Act (AMLA): Sets requirements for customer due diligence, verification of beneficial ownership, and ongoing monitoring obligations
Swiss Federal Act on Data Protection (FADP): Governs the collection, processing, and storage of personal data, crucial for account opening procedures and ongoing account management
Swiss Code of Obligations (CO): Contains the fundamental principles of contract law applicable to the agreement, including formation, performance, and termination of contracts
FINMA Circulars: Various regulatory guidelines issued by the Swiss Financial Market Supervisory Authority specifying detailed requirements for account opening and customer documentation
Agreement on the Swiss banks' code of conduct with regard to the exercise of due diligence (CDB): Self-regulatory framework established by the Swiss Bankers Association defining detailed requirements for customer identification and documentation
Swiss Federal Act on Consumer Credit (CCA): Applicable if the account includes credit facilities, governing consumer protection in credit relationships
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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