Disclaimer
Persons seeking information published on the S.P. Hinduja Bank Privée SA website of the World Wide Web (hereafter the S.P. Hinduja website) hereby agree to the following conditions:The S.P. Hinduja website is not intended for persons who are subject to a jurisdiction that forbids the publication of, or access to the S.P. Hinduja website (on the basis of the nationality of the person concerned, place of residence or for other reasons). Persons to whom such restrictions apply are not permitted access to the S.P. Hinduja website. The S.P. Hinduja website must not be accessed by persons who (in particular on the basis of their nationality and/or residence) are subject to any jurisdiction prohibiting publication of the contents of the S.P. Hinduja website or access to the S.P. Hinduja website (for whatever reasons). Persons to whom these restrictions apply are not allowed access to the S.P. Hinduja website. Restrictions apply in particular but not exclusively to citizens and/or residents of the United States of America (USA), Canada and Great Britain (GB). The information published on the S.P. Hinduja website does not represent an invitation, offer or recommendation to acquire or sell investment instruments or to effect other transactions. The details on the S.P. Hinduja website neither represent decision-making aids for legal, fiscal or other consulting questions, nor should investments or other decisions be made on the basis of these details. You should obtain advice from a qualified expert when making investment decisions. The Bank regularly updates the annual report and the capital adequacy disclosure on its website. These are official documents duly approved by the Board of Directors and the Audit Firm of the Bank. S.P. Hinduja takes all reasonable measures in order to ensure the reliability of the information presented; however, it makes no promises whatsoever concerning the correctness, reliability or completeness of the information and opinions contained on the S.P. Hinduja website. No warranty is assumed for the accuracy of the information and opinions disseminated via the S.P. Hinduja website. The information and opinions disseminated on the S.P. Hinduja website are provided by S.P. Hinduja exclusively for private use and for information purposes; they can be changed at any time and without prior notice. The future performance of the investment asset cannot be predicted on the basis of the previous price changes, i.e. the value of the asset can increase or decrease. The maintenance of invested capital cannot be guaranteed; exchange rate fluctuations for example can result in a reduction of asset value.Under no circumstances, including negligence without restriction, shall S.P. Hinduja be liable for losses or damage of whatever kind. This includes direct, specific, indirect and consequential losses resulting from or in connection with access to the use, services or queries sought on the S.P. Hinduja website or any link to other websites, even if S.P. Hinduja has been informed of the possibility of such losses. Activating certain links on the S.P. Hinduja website may cause you to leave the S.P. Hinduja website. S.P. Hinduja has not checked the other sites linked with the S.P. Hinduja website and assumes no responsibility for the contents, products, services or other matters offered thereon.
Compliance
Wolfsberg AML principles
Money laundering is the process by which illegally obtained money (from drug trafficking, terrorist activity or other serious crimes) is given the appearance of having originated from a legitimate source. Financial institutions such as S.P. Hinduja Banque Privée SA are at the forefront of the battle against this criminal activity, which uses the international financial system to move money around and disguise its true origin. The Swiss Government, alongside many other countries, has passed legislation designed to prevent money laundering and to combat terrorism. This legislation forms the cornerstone of S.P. Hinduja's anti-money laundering (AML) obligations, policies and procedures, which apply across our organisation.
For further details, please see the Wolfsberg Group Anti-Money Laundering Questionnaire of S.P. Hinduja Banque Privée SA
US Patriot Act Certification
Under the US Patriot Act and the final rules issued by the U.S. Department of the Treasury, a U.S. bank or a U.S. broker-dealer in securities is required to obtain certain information from any non US-Bank to maintain a correspondent account with it. As defined by the final rules, any financial institution can publish a Global Certification on their website. All institutions requiring the US Patriot Act Certification from S.P. Hinduja Banque Privée SA can download it on the corresponding website. Consequently, we would appreciate the utilisation of the certification on our website rather than requests directed to our institution.
Automated Exchange of Information
AEOI requires Swiss financial institutions to identify reportable accounts and report them on an annual basis to the Federal Tax Administration (FTA). These common rules are drawn for reporting client's income and assets to their local authorities and to prevent tax evasion. FTA will exchange the information with the reportable person's country of residence solely with partners jurisdictions (please click here for the list of countries).
esisuisse
Are my deposits protected under the deposit insurance esisuisse?
Yes, like any bank and any securities firm in Switzerland, S.P. Hinduja Banque Privée SA is required to sign the Self-regulation “Agreement between Esisuisse and its members”. This means clients’ deposits are guaranteed up to a maximum of CHF 100,000 per client. Medium-term notes held in domestic currency and in the name of the bearer at the issuing bank are also considered deposits. Depositor protection in Switzerland is provided by Esisuisse, and the depositor protection system is explained in detail at www.esisuisse.ch
How does deposit insurance work?
When FINMA initiates liquidation proceedings against a bank or securities firm in the event of its bankruptcy , the available liquid assets of the institution are used for the immediate payment of guaranteed deposits (immediate payment). The deposit insurance (Esisuisse) is set in motion if the available liquid assets are not sufficient to immediately repay the guaranteed client deposits. Esisuisse will make the funds available to ensure that the assets that are guaranteed in the event of bankruptcy can be paid out by the statutory deadline, irrespective of the state of the institution’s assets. Esisuisse requests the required funds from its members and forwards these to the liquidator appointed by FINMA within 7 working days. The funds are then transferred according to your instructions.
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Esisuisse Members
All banks and securities firms with branches in Switzerland must be members of Esisuisse. The deposit insurance scheme ensures that the clients of an insolvent institution receive prompt payment of their guaranteed deposits.
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Which deposits are paid out in the event of bankruptcy ?
Preferential deposits
In the event of bankruptcy, deposits of up to CHF 100,000 per depositor and per jointly or collective account holder are given preferential treatment. Preferential treatment means that these deposits are assigned to the second creditor class. This is an important advantage when it comes to distributing the institution’s liquidity, as first and second-class creditor claims are paid out before third-class claims.
Guaranteed deposits
Esisuisse protects guaranteed deposits held with a Swiss branch of up to CHF 100,000 per client, in the event of bankruptcy and if the bank would be unable to repay the client deposits. As such, these deposits enjoy the advantage of preferential repayment as well as protection by Esisuisse.
Pension and vested benefits assets
Pension deposits (Pillar 3a) and deposits in vested benefits foundations held with institutions are preferential but not covered by the guaranteed deposits. However, regardless of other assets of the same client, they are given preferential treatment up to the amount of CHF 100,000 per client and assigned to the second creditor class.
Securities
Securities held in custody do not fall under the guaranteed deposits. In the event of an bankruptcy , they are separated out and placed directly at the disposal of the client.
Amount guaranteed
If in the event of bankruptcy and when sufficient available liquid assets, these are repaid to clients accordingly (immediate payment). The maximum amount of this immediate payment is CHF 100,000.
If, however, the available liquid assets are insufficient, Esisuisse steps in and pays the difference. Once again, the maximum payment per client, per bank is CHF 100,000.
Which accounts are guaranteed ?
Guaranteed deposits are balances held in private, savings, investment, salary, numbered, deposit, joint, current,association or rental deposit accounts. Medium-term notes in national currency held in the name of the bearer at the issuing bank are also classed as guaranteed deposits. Only deposits held with Swiss branches are guaranteed, i.e. deposits with subsidiaries of Swiss banks in other countries are treated as preferential, but are not covered by Esisuisse.
How will I get my money?
All accounts registered at the bank are automatically considered to be reported claims. In the event of bankruptcy, you will be contacted by the liquidator and your assets will be transferred as part of the liquidation process as soon as you provide details of an account with another institution.
Currency
The protection applies irrespective of the currency in which the deposit is held. Your payment will be made in Swiss francs (CHF). Amounts will be converted at the rate prevailing on the day that bankruptcy proceedings are initiated.
Further information
You can find further information on deposit insurance at www.esisuisse.ch or from your bank, including on the changes as of January 1, 2023 (Booklet: « Guaranteed deposits », December 2022) and relationship manager.
