Julius Baer has partnered with Wecan Comply, a blockchain-based compliance platform for private banks and external asset managers.
The move will allow the Swiss wealth management group and its intermediaries business to streamline the exchange of information with its independent asset managers in Switzerland.
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It will also enable the company to receive compliance documents with increased security.
Julius Baer Intermediaries German-speaking Switzerland head Michel Yigit said: “As a private bank with a strong entrepreneurial spirit, we are committed to empowering the success of our clients and partners through innovative solutions.
“We can unequivocally identify with the vision of Wecan Comply and are excited to join the growing community to create value for our intermediary partners in Switzerland, facilitating efficiency gains via pioneering co-creation.”
External asset managers and trustees are not only supervised by banks, but also by supervisory bodies under the FinIA and FinSA laws introduced last year.
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By GlobalDataIn this regard, the process of identifying, controlling, and monitoring client relationships have become more complex.
Wecan Comply ensures that specific tasks are carried out correctly and reliably, while complying with new regulations.
The partnership with Julius Baer will enable Wecan Comply to expand its national presence in both the German and French-speaking parts of Switzerland.
Wecan Group founder and CEO Vincent Pignon said: “The collaboration with Bank Julius Baer is a demonstration that Wecan Comply is the gold standard, for the industry, to pool resources and guarantee the best compliance requirements.”
In May, Julius Baer agreed to pay around $80m to resolve a US investigation over corruption linked to world soccer federation FIFA.
