DEFINITION
KAST Forms
Forms K, A, S, and T are AML forms used in Switzerland to identify beneficial ownership of a given legal entity. Filling them out is mandatory for operating and domiciliary companies as well as foundations and trusts when opening up an account or otherwise doing business with a bank.
Form K is concerned with beneficial ownership of an operating legal entity. Companies fill out form K to identify individuals with significant ownership of the company (over 25%), individuals with significant control via voting rights or other discernable means, and the highest managing director.
Form A is also used to identify beneficial ownership but in the case where an individual holds assets on behalf of a third party or a domiciliary company. Domiciliary companies in this context refers to any and all companies that are not operating, i.e. have no residence or employees of their own.
Form S is used to detail the structure of a foundation as well as the relevant beneficial owners.
Form T is used to detail the structure of a trust as well as the relevant beneficial owners.
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Examples
A newly-established trading company applies for a corporate account with a Swiss bank to facilitate international payments for its export business. To approve the account, the bank must first perform the KYB process to see whether there is significant risk of money laundering and/or the financing of terrorism.
Since the company is operational and not a trust or a foundation, the bank sends them the K form. To fill out the K form, the company details its beneficial owners, such as the highest managing director and major shareholders. They provide basic identification information, such as their full name, date of birth, nationality, and address. They also accept the responsibility to update information about their ownership structure as needed.
Having filled out the K form, the bank verifies the information by using the Swiss registry, the Handelsregister, and then proceeds to complete the onboarding by performing the mandatory screening checks (PEP and sanction screening). Having done so, they assign the company a medium risk level and approve the account.
FAQ
What is form K in Switzerland?
In Switzerland, form K is used to identify beneficial owners of an operating legal entity. A business fills out form K when being onboarded by a Swiss financial institution.
What is form A in Switzerland?
In Switzerland, form A is used to identify beneficial owners of a domiciliary legal entity, i.e. a legal entity that has no physical residence or employees. A business fills out form A when being onboarded by a Swiss financial institution.
What is form S in Switzerland?
In Switzerland, form S is used to identify the beneficial owners as well as the structure of a foundation. It is filled out when being onboarded by a Swiss financial institution in order to remain compliant with AML/CFT regulations.
What is form T in Switzerland?
In Switzerland, form T is used to identify the beneficial owners as well as the structure of a trust. It is filled out when being onboarded by a Swiss financial institution in order to remain compliant with AML/CFT regulations.
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