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Supervisory activities SAAM

Prevention and advice

 | The SAAM primarily follows a preventive policy in its supervisory activities. A first review is carried out during the application procedure, when the SAAM checks whether the applicants meet the statutory requirements to join the association. The SAAM wants to provide its members with the best possible support in complying with and implementing the AMLA and the Code of Ethics and Professional Conduct. This is why the association provides advice to its members and offers education and training opportunities in the aim of minimising possible breaches of the Code of Ethics and Professional Conduct and the AMLA. The SAAM monitors the ongoing changes among its members, and the members have to inform the association about these. 

 

Audits

 | An additional and important supervisory tool is represented by the annual audit. It is intended to identify weaknesses in the implementation of the Code of Ethics and Professional Conduct and the Anti-Money Laundering Act, as well as to uncover any potential infractions by members against the Code of Ethics and Professional Conduct. The audit is carried out by independent external auditors.

 

Monitoring and sanctions

 | The SAAM ensures that its members comply with the regulations via an appropriate monitoring and sanctions system. In the event of breaches of the Code of Ethics and Professional Conduct or the AMLA, the executive management of the SRO has the authority to take appropriate action. This ranges from reprimands for minor infringements and penalties in more serious cases through to expulsion from the association in the event of serious misdemeanours.

 

Client complaints against an asset manager     Asset managers who are members of the SAAM have undertaken to comply with the money laundering regulations and the Code of Ethics and Professional Conduct for the Practicing of Independent Asset Management. This means that customers of an association member are able to complain to the association about their asset manager in writing. If there are solid grounds for suspecting a breach of the Code of Ethics and Professional Conduct or the anti-money laundering regulations, the SAAM will launch internal disciplinary proceedings. Of course, this investigation does not supersede any civil proceedings, e.g. claims for damages arising from asset management. For further information please contact the SAAM office in your region.