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Due diligence agreement
The Agreement on the Swiss banks' code of conduct with regard to the exercise of due diligence (CDB) is a multilateral agreement between the Swiss Bankers Association (SBA) and banks domiciled in Switzerland. By signing the Agreement banks place themselves under an obligation to the SBA to identify their contracting partners and, in cases of doubt, to obtain a declaration as to the identity of the beneficial owner of the deposited assets. The banks also place themselves under an obligation not to provide any active assistance in the flight of capital or tax evasion. The original CDB dates from 1977, and it has been revised and made more stringent several times since then. The CDB is now also a key instrument in combating money laundering and served as the model for the Money Laundering Act.
- Part of Speech: noun
- Synonym(s):
- Blossary:
- Industry/Domain: Banking
- Category: Investment banking
- Company: UBS
- Product:
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