For multi family offices
KYC and anti-money laundering in the multi family office
Updated: · Leutrim Miftaraj, FLIORE · Editorial standards · Other languages: Deutsch
Short answer
In a multi family office, KYC applies to each family separately: identify the contracting party, establish the beneficial owners, assess the risk with reasons and review it periodically. What counts is the evidence – who checked what, when and why. FLIORE keeps a KYC file per mandate with document status, risk assessment, deadlines and an audit trail.
The process in five steps
- Identify the contracting party: record identity documents, commercial register extracts, articles of association or trust deeds.
- Establish the beneficial owners: trace the structure down to each natural person.
- Assess the risk: rate country links, industry, PEP status and the origin of assets, with a written justification.
- Request missing documents: ask the family for specific items and check what arrives.
- Review periodically: set deadlines by risk level and document each review.
Why it is more demanding in a multi family office
Every family brings its own companies, foundations and trusts in several countries. Several advisers work on different mandates, and supervisors expect the same quality regardless of who looks after a mandate.
Spreadsheets and email folders soon reach their limits: deadlines are missed, justifications are missing, and nobody sees at a glance where each family stands.
How FLIORE supports the process
- KYC file per mandate with beneficial owners, documents and validity dates.
- Risk assessment with factors and a written justification, plus an organisation-wide house rating.
- Document requests to the family through the portal, with an automatic task that closes on delivery.
- Deadlines and notifications for reviews; four-eyes approvals for sensitive decisions.
- Audit trail for every change and an exportable KYC package for a bank or audit firm.
Today and with FLIORE
The comparison shows where the KYC work of a multi family office typically becomes faster and easier to evidence.
| Step | Typical today | With FLIORE |
|---|---|---|
| Beneficial owners | traced again for each request | maintained once in the structure register |
| Risk rating | form without history | factors, rating and reasons with audit trail |
| Missing documents | requests by email | document requests in the portal with evidence |
| Reviews | calendar reminders | deadlines with notifications for the responsible person |
Frequently asked questions
What does KYC in a multi family office include?
Identifying the contracting party, establishing the beneficial owners, a risk-based assessment, documentation and periodic review.
How often must a mandate be reviewed?
That depends on the risk level and internal directives. FLIORE sets review deadlines per mandate and reminds the responsible person.
How do I request missing documents from a family?
Through a document request in the portal. The family uploads the document; FLIORE checks format and size and closes the related task.
Is the risk assessment documented in a way auditors can follow?
Yes. Factors, rating and justification are stored, and every change appears in the audit trail.
Can I prepare a KYC package for a bank?
Yes, as an export with the relevant details and documents of the mandate.
Sources
- Swiss Anti-Money Laundering Act (AMLA/GwG, SR 955.0) – Fedlex
- FATF Recommendations – Financial Action Task Force
- FINMA – Portfolio managers and trustees
This page provides orientation and does not replace legal or tax advice. The cited legal sources in their applicable version are authoritative.
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