Several Swiss banks have joined WeCanComply, a blockchain platform that enables private custodian banks and external asset managers to exchange compliance documents. Last October, it announced it signed up Lombard Odier, Pictet, Edmond de Rothschild and others.
This week an independent non-profit was set up for governance by the users of the platform, the Blockchain Association For Finance. Other members include the Alliance of Swiss Wealth Managers, representing firms with more than CHF 100 billion ($112 billion) in assets under management.
In the wealth management sector, external asset managers or independent asset managers are not private banks themselves but rather portfolio managers and investment advisers. Custody of the assets is usually taken care of by Private Custodian Banks. This custodial relationship involves quite a bit of compliance, particularly because asset managers typically deal with several custodial banks.
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