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Society for worldwide interbank financial telecommunication (SWIFT)

SWIFT is basically a system used for payment transactions and the processing of securities transactions. Until now, there is no other company that offers this type of service around the world. SWIFT is the exchange of messages between financial institutions, i.e. the transmission of information between them, for the payment of transactions and securities transactions. Financial institutions or the representative that participates in this exchange are banks, brokers, asset managers and national and international central securities depositories.

Its high standards allow SWIFT to provide a system of information exchange very secure, through a network that sends messages in an encrypted form. It is very important to note that SWIFT only exchanges encrypted messages, not funds. Since the information exchanged through the SWIFT is encrypted, it goes through a process, taking several steps before getting to the beneficiary financial institution, the bank. With 2 data centers, in Netherlands and in the US, the information is processed in one and saved in the other one as backup.

In one way or another information about account owner's identity will be revealed, such as name, address, date of birth. The information is revealed to confirm who is the owner, whether or not the account has funds, to detect any irregularity, etc. However, the information will only be disclosed to the banks involved in the transaction, not to financial authorities unless any irregularity detected falls under the applicable provisions created to fight money laundering and financing of terrorism. It is also possible that the information is passed to a third party, if one of the participant banks instructs so, for processing or data backup purposes.

Even if payments are domestic, the data will still be sent abroad, if the transaction is done through SWIFT. For processing of securities transactions, domestic or cross-border, this means that two main areas involve the disclosure of data to the banks and central depositories, within Switzerland or abroad. For deliveries and withdrawals of securities to and from custody accounts and custody accounts transfers, if the data is transmitted via SWIFT, the custody account number, the name and address of the end beneficiary will be sent abroad.

The main reason why all these details that go through SWIFT by the banks involved are sent and disclosed abroad, is to comply with the statutory and regulatory requirements in Switzerland and abroad. This provision also enables the orderly, efficient processing of transactions.

Unfortunately the information disclosed abroad is no longer protected under Swiss law, and it is subject to respective foreign legal system. The jurisdiction's legislation may require that the data is passed on to financial authorities or third parties.

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