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Swiss Culture in the Financial Sector

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To Whom It May Concern

This letter will outline to you who we are, how we work and how your business can best be handled. To do things right from the beginning, it is equally important for you to know the Swiss culture in the financial sector and Swiss banking. Things differ in this country quite a bit from those in your country.

Swiss Banking - Know your client - Origin of funds - Form A

For reasons that may be known to you, Swiss banks are very careful with whom they engage into a banking relationship. Tough money-laundering laws, 'know your client' principles (due diligence must be performed in every single case, proof of origin of funds, proof of proprietary ownership of funds (mandatory form-A), notarized proof of identity, proof that funds were not derived from drug trafficking, weapons smuggling, political corruption or other illegal activity) are just a few of the very strict criterions we all have to comply with.

Swiss Investment Management (Fiduciaries) - Laws, Regulations

Accredited and licensed by the Swiss federal government, fiduciaries and asset management companies, are also subject to tight scrutiny by the Swiss SRO (similar to the NFA/CFTC), by state, regional and federal authorities governing the Swiss financial services industry and by the federal Swiss Banking Commission (EBK). In addition they must meet the highest accounting standards and are audited regularly as provided by Swiss law.

Swiss banks and members of the financial industry in this country risk severe sanctions and penalties if they do not abide by those rules.

The good thing about this is that it keeps all players on guard and equally responsible for their actions. You want to know whom you are doing business with and we want to know who our associates and future clients are.

We hope that this information is useful to you. Call us or write to us if you have questions or need further information.

Wishing you a pleasant day and success, we remain

Lugano, Switzerland

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