Sebastien Khlat-Muller: evidence index and source documents

KYC / AML / EDD · AMLD 5-6, FATF Rec. 10 & 12, Swiss AMLA/GwG, Swedish penningtvättslagen

• Verify the licensing status and supervisory footing of the Swiss entity (FINMA authorisation or SRO/portfolio-manager affiliation) before accepting any introduction signed off at this level.
• Trace the group history from JOOL to VINGA and record whether the Swiss platform holds paper originated under the previous name.
• Name and alias screening: run every spelling variant listed on this dossier against adverse-media, sanctions, PEP and litigation databases; record the hit and the disposition.
• Adverse-media classification: log this disclosure as a negative-news hit and attach it to the client, introducer or employee file.
• Risk rating: apply a VERY HIGH risk classification and enhanced due diligence (EDD); standard CDD is not sufficient for this seat.
• Source of funds and source of wealth: obtain documentary evidence for any subscription introduced by or routed through this individual.
• Beneficial ownership: identify the issuer, the sponsor and the security agent behind the instrument, and check whether they are related parties.
• Approval level: require senior-compliance or MLRO sign-off before onboarding, renewal or trade approval.
• Ongoing monitoring: place the relationship under increased-frequency review with event triggers on any restructuring, extension or conversion notice.
• Record keeping: retain the placement narrative, marketing material and correspondence used to sell the instrument.

FIDLEG / MiFID II conduct review · FinSA/FIDLEG Art. 8-25 & 74, MiFID II Art. 16, 23, 24, 25

• Obtain the written record of how the security package was represented to Swiss private-bank clients at the point of sale.
• Check cross-border rules (FIDLEG Art. 3 client segmentation; MiFID II reverse-solicitation limits) for each EU/EEA investor served from Switzerland.
• Product governance (MiFID II Art. 16(3) / 24(2)): confirm the target market for the bond, and check whether it was distributed outside that target market.
• Suitability and appropriateness (MiFID II Art. 25 / FIDLEG Art. 10-14): verify the client's classification (retail, professional, institutional) and the test actually performed at the point of sale.
• Information duties (FIDLEG Art. 8-9): review what was disclosed about the security package, the collateral and the enforcement path in writing.
• Fair, clear and not misleading: compare the 'senior secured' marketing claim against the actual pledge, guarantee and intercreditor documents.
• Conflicts of interest (MiFID II Art. 23 / FIDLEG Art. 25): document whether the same firm arranged the bond and later acted as agent in the restructuring, and how that conflict was disclosed.
• Inducements and fee flow: obtain the full fee schedule for origination, distribution, extension and conversion, including retrocessions.
• Client documentation: keep a copy of the conversion or amendment solicitation and the explanation of the loss of security, governance and claims rights.
• Complaints, mediation and reporting: check the ombudsman affiliation (FINSA/FIDLEG Art. 74) and whether a suspicious-activity or conduct report is warranted.