Trust is one of the most valuable assets in a banking relationship. Swiss banking has historically been built on stability, discretion and the ability to support customers over time. In this context, KYC or Know Your Customer avoids limiting that knowledge to the beginning of the relationship and allows it to evolve with the customer.
In an increasingly global, dynamic and regulated financial environment, adequately protecting a banking relationship requires understanding how the customer's personal and financial circumstances change, what their objectives are and what needs may arise over time.
Keeping that knowledge organic allows the bank to act with greater context, offer a more appropriate service and preserve the level of protection that the customer expects from a financial hub like Switzerland.
The Swiss standard
For decades, Swiss banking has been recognized for its international focus, legal certainty and ability to build long-term relationships with customers around the world. Its model has been based on a specialized service culture, focusing on wealth management and the efficient management of financial relationships.
That model has evolved along with the environment. Wealth is more global, family and corporate structures are more complex and financial transactions are more interconnected. Meanwhile, international standards for the prevention of money laundering and risk management have been reinforced to respond to this new reality.
Organic customer knowledge
KYC, or Know Your Customer, is not a recent process. It has been part of international standards governing financial activity for decades. In Switzerland, this framework is integrated into a banking culture based on rigor, service quality and strict supervision.
In recent years, these requirements have also been reinforced. As explained by Jessica Estévez, Legal Director of BBVA in Switzerland, “Financial institutions in Switzerland must periodically review relevant customer information and keep it updated throughout the banking relationship.” Nuria Alós, Head of AML at BBVA in Switzerland, points out, “In practice, KYC goes far beyond regulatory compliance, it adds value to both parties: it enables the customer to maintain a more secure, transparent banking relationship adapted to their situation, and it helps financial institutions to manage their relationships with greater responsibility and consistency.”
- ID
- Proof of address
- Occupation
- Source of wealth
- Source of the funds
- Effortless Transactions
- Corporate documentation
For the teams that support the customer on a daily basis, this knowledge is key to building stronger relationships. As mentioned by Sergio Pedrosa, Executive Director - Head of Private Banking at BBVA in Switzerland, “Knowing our customers well is essential to supporting them closely, anticipating their needs and protecting a long-term relationship based on trust and confidentiality.”
At BBVA in Switzerland, this process is approached with a clear objective: making it proportionate and as simple as possible. As stated by Ricardo Sánchez, Head of Client Onboarding at BBVA in Switzerland, “We work to request only the necessary information, avoid duplication whenever possible and offer clarity throughout the entire process.”
In short, the information provided is treated under strict confidentiality and security standards, in accordance with applicable Swiss regulations and BBVA's internal policies. The result is a work model that combines knowledge, judgment and internal coordination to preserve BBVA's own standards of quality and confidentiality in Switzerland.