Saffery Trust attains Swiss “seal of quality” with licence approval

Saffery Trust has attained a licence from the Swiss Financial Market Supervisory Authority (FINMA), labelled a “seal of quality” for trustees.

Currently, Saffery Trust provides trustee services in Switzerland under the legal entity name of Rysaffe Fiduciaires Sarl, which will shortly be re-named Saffery Trust (Suisse) S.A.

Requirements

The requirement to apply for a licence from FINMA was introduced to ensure Swiss trustees comply with various financial, personnel-related, organisational and business-conduct requirements. Previously, Swiss trustees had to adhere to anti-money laundering obligations but were not subject to licensing requirements.

The new licence requirement ensures ongoing accountability and competency within the Swiss fiduciary services industry.

As part of a rigorous two-year licensing process, Saffery Trust’s Swiss operations were subject to a comprehensive review by FINMA to ensure that the internal controls and risk management processes were suitably robust and enforced.  The review also considered the qualifications and experience of the management team and the Board of Directors, to ensure that the guarantee of irreproachable business conduct was met.

Saffery Trust’s inclusion in the FINMA website as an authorised trustee is subject to the completion of a number of standard formalities.

Saffery Trust in Switzerland

Saffery Trust first opened its Geneva office in 2008, followed by a Zurich office in 2021, offering a broad range of trust and company services including wealth planning, asset protection and family office services. The firm’s Swiss teams also work closely with its offices in the Cayman Islands, Guernsey and the United Arab Emirates, offering a multi-jurisdictional service.

Saffery Trust Switzerland Managing Director, Paul Tucknott, said the firm’s licence approval was reflective of the high standards under which it operates.

“Over the last sixteen years, we have established a strong foothold in the Swiss region and place a high value on doing the right thing, in the right way. Our global client base not only entrust us with their wealth and assets, but to comply with all regulatory obligations; a responsibility we take seriously.”

“We welcomed the obligation to be licensed under FINMA, as it provides a further opportunity to showcase our commitment to meeting the high professional standards that our clients, intermediaries and our people have come to expect.”

Find out more about Saffery Trust in Switzerland here.