Discover how swisspartners simplified its compliance through digitalisation.
Due diligence burden
With almost CHF 3 Billion assets under management, the swisspartners wealth management division is among the top leading External Asset Managers (EAMs) of Switzerland. They faced a massive number of due diligence reviews due to their large number of custodian banks and cooperations with providers of financial instruments and other financial intermediaries. While these due diligence requests differed only marginally, the time and effort involved was similarly high each time. The repeat task was extremely time-consuming and annoying at times.
Comply digitalisation solution
In 2021, swisspartners decided to join the Blockchain Association for Finance and address the issue with the Wecan Comply platform. Setting up the login only takes a few minutes and has been very easy. Compliance and risk management data are since then stored in a highly secured shared platform, and swisspartners can grant access to parties of their choice. The custodian banks authorised by the EAM receive change alerts automatically, avoiding the need for individual notifications. In addition, the data can be extracted from the platform so that it can also be made available to third parties who are not yet on Wecan.
Readiness, accuracy and time saving
By keeping their data up to date on the Wecan Comply platform every time a change is made, swisspartners are always ready for requests and have the certainty that every counterparty receives the same accurate information. This is particularly significant in the preparation of signature lists. By slashing duplication, Wecan Comply has significantly reduced redundant «know-your-EAM» requests. In addition, the platform demonstrates a simple and secure approach to the blockchain technology. Furthermore, swisspartners has the guarantee that all counterparties receive the same information at all times and that no one forgets to be informed in case of changes.
Asked if he would recommend the Comply platform, Pascal Schmohl, Chief Compliance Officer of swisspartners said: “Absolutely. The usage is simple, fast, the platform is clear, well structured, the handling is extremely easy and WeCan is always available very quickly in case of questions. In addition, many of our custodian banks are already on the platform and more of them are joining the list constantly, which increases the benefits even more.”