This occurs after a report by a government-appointed group found the Alpine nation was still vulnerable to financial crime. More transparent rules due to come into force in 2016 will make it harder for criminals to hide their money in companies or schemes with obscure ownership structures.
It said that from 2016, bank would face a new requirement to identify the controlling owner of legal entities and private companies. This would mean any individual with a stake of more than 25%, or exercising effective control. If there is no one who meets these criteria, banks must instead identify the highest-ranking employee.
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