1. Why do I need to provide proof of the source of my funds?
As a regulated financial institution, we are required by Swiss law to ensure that all funds we manage come from legitimate sources. This is part of global efforts to combat money laundering and financial crimes.
2. Does this mean you suspect me of wrongdoing?
Not at all. This standard procedure for all clients is a regulatory necessity, not a sign of suspicion.
3. What triggers the need for these checks?
KYC (Know Your Customer) checks are initiated at account opening to comply with legal requirements. Additionally, recent legislative changes necessitate periodic updates to client profiles, including a reevaluation of KYC documentation.
4. What kind of documents do I need to provide?
The documents required can vary but typically include proofs of income, sale of property, inheritance documents, or business ownership records. Our goal is to keep this process as simple and unobtrusive as possible.
5. I only invest a modest amount. Why am I being asked for this information?
Regulatory requirements apply to clients at all investment levels. However, we understand your concern and are committed to ensuring that the process is proportional to the investment amount.
6. How is my privacy protected during this process?
We strictly adhere to data protection laws. Your information is confidential and can be accessed on a need-to-know basis only.
7. Can I refuse to provide this information?
While we respect client privacy, failing to provide necessary KYC information may limit our ability to provide financial services, as per regulatory requirements.
Complying with the KYC process is different from updating your investor profile on your Selma app. Keeping your investor profile up to date is crucial so that Selma can automatically make sure that your investment strategy fits your life at all times.