Banco Santander International SA
The following regulation information applies to Banco Santander International SA and its branch in The Commonwealth of The Bahamas (The Bahamas) and in the Dubai International Financial Center (DIFC) except when mandatory Bahamian or DIFC regulations or law shall prevail.
Who are we?
Banco Santander International SA offers personalized private banking services for high-net-worth clients. It has more than 300 employees and two locations in Switzerland, it obtained its banking license in 1988 and is, as a Swiss bank, supervised by the Swiss Financial Market Supervisory Authority (FINMA), whose primary objective is to protect investors and ensure the solvency and quality of the service of the Swiss financial system. More information
Banco Santander International SA has its registered office at 5-7 rue Ami-Levrier, 1201 Geneva. It has offices in Geneva and Zurich, branches in The Bahamas and in the DIFC and a representative office in the Dominican Republic.
Financial Regulations
The Swiss financial market benefits from solid regulations that aim to protect investors with transparency and processes designed to reinforce investor trust. Banco Santander International SA is committed to ensuring that its processes, products, and services comply with the Swiss regulatory framework and also our client’s country of residence. We hereby invite you to take a closer look at some of these regulations and understand their impact on our value proposition.
ESISUISSE Depositor Protection
Are my deposits protected under the deposit insurance esisuisse?
Yes, like any bank and any securities firm in Switzerland, Banco Santander International SA is required to sign the Self-regulation “Agreement between esisuisse and its members.” This means clients’ deposits are protected up to a maximum of CHF 100’000 per client and per bank. Medium-term notes held in the name of the bearer at the issuing bank are also considered deposits. Depositor protection in Switzerland is provided by esisuisse, and the depositor protection system is explained in detail at www.esisuisse.ch/en.
The Swiss Federal Act on Financial Services (FinSA)
The Swiss Federal Act on Financial Services (FinSA), and the corresponding ordinance took effect in January 2020.
The FinSA seeks to strengthen the protection of the investors and establish a level playing field for the financial service providers with standards comparable to those implemented in the current European regulatory framework by adopting new rules of conduct.
Whenever applicable, Banco Santander International SA, is committed to complying with FinSA's main obligations, particularly concerning the documentation and information obligation, the appropriateness and suitability checks to be conducted or ensuring the best execution principle depending on the classification of our clients while serving them.
Our clients’ satisfaction is our priority. However, in case of need, every client can request a mediation by the Swiss Banking Ombudsman. This procedure is confidential, free of charge, fair, and impartial. Below follows their contact information:
Ombudsman des banques suisses
Bahnhofplatz 9
Case postale
8021 Zurich
Switzerland
www.bankingombudsman.ch
Banco Santander International SA, Bahamas Branch
The Central Bank of The Bahamas and The Securities Commission of The Bahamas are the two main regulatory bodies that supervise the Bahamas Branch. The Central Bank of the Bahamas is primarily responsible for the governance of Financial Institutions. More Information. While The Securities Commission of The Bahamas governs securities dealers and advisers, fund managers and administrators and financial and corporate service providers. More Information.
In addition to the suite of legislations and statutory obligations from the above Regulators, there are also requirements for commercial entities resident in The Bahamas for tax purposes to ensure that there is adequate substance in the jurisdiction. To this end, for further information on the economic substance regime in The Bahamas, along with any other regulatory obligations, please visit the Government’s websites at: https://www.taxreporting.finance.gov.bs/legal/legislation/
Banco Santander International SA, Bahamas was established in The Bahamas in 2018. The Branch is taking full advantage of the entire range of Banco Santander International SA’s products and services while remaining within the jurisdiction of The Bahamas, leveraging an extensive banking platform.
Banco Santander International SA, DIFC Branch
The Dubai International Financial Centre (DIFC) was launched in accordance with the United Arab Emirates (UAE) Federal Decree No. 35 of 2004 as part of Dubai’s strategic vision to diversify its economic resources and attract capital and investments in the region. It is a Financial Free Zone defined in Federal Law No. 8 of 2004, as an independent jurisdiction within the UEA. The DIFC is empowered to create its own legal and regulatory framework for all civil and commercial matters. The DIFC’s unique legal and regulatory framework, is based on international standards and principles of common law that is tailored to the region’s unique needs, creating the optimal environment for financial services and related industries and services to grow. More information.
Banco Santander International SA, DIFC Branch, is registered in the DIFC as a Recognized Company and it is authorized and regulated by the Dubai Financial Service Authority (DFSA) under prudential Category 4 to conduct financial services activities in and form the DIFC. The DIFC Branch markets and promotes a wide suite of products and services offered by the group and provides advisory and arranging services in relation to private banking solutions offered by Banco Santander International SA. The DIFC Branch is only permitted to deal with Professional Clients and Market Counterparties as defined by the DFSA Conduct of Business Rule.
