Privacy Notice

This Privacy Notice (“Notice”) explains how the entities within the Paicolex Group (defined below) collect, use, disclose and retain your personal data (including personal data that you provide to us about other persons) (together, “Personal Data”). It also explains your privacy rights and how you can exercise them.

In this Notice, the “Paicolex Group”, “we”, “us” and “our” includes Paicolex Trust Management AG, Paicolex Trust Company (BVI) Limited, Paicolex Trust Company (Isle of Man) Limited and Paicolex Trust New Zealand Limited and all subsidiaries of these entities in the form of nominee holding companies and corporate directors.

The entity within the Paicolex Group with whom you conduct business is the responsible person or data controller of your Personal Data for the purposes of the EU General Data Protection Regulation 2016/679 (“GDPR”), the Swiss Federal Act on Data Protection (“FADP”), the BVI Data Protection Act 2021 and any other locally applicable data protection laws and regulations.

If you have any questions regarding our processing of your Personal Data or would like to exercise your privacy rights, please contact Paicolex Trust Management AG, Obere Wiltisgasse 52, CH-8700, Kuesnacht, Switzerland or email: privacy(at)paicolex.ch.

Why does the Paicolex Group process Personal Data?

We process Personal Data in order to meet our contractual obligations and provide our services as a trust and corporate service provider, for legal, anti-money laundering and regulatory purposes and to administer and manage our business and its associated relationships.

Failure to provide Personal Data either at the commencement of a client relationship or on an on-going basis, as requested, shall entitle the relevant Paicolex Group entity, acting in its sole discretion, to suspend or terminate the provision of services.

Whose Personal Data do we process?

We process the Personal Data of natural persons as follows:

Clients, directly or indirectly, of the Paicolex Group. Such persons will include settlors, trustees, protectors, beneficiaries, directors, officers, shareholders, controllers and beneficial owners of entities to which we provide services.

Persons enquiring about our services, whether or not we are or will be engaged to act. Suppliers of goods and services to us and to entities to which we provide services. Applicants for a role with us, interns, contractors and employees of the Paicolex Group.

How do we collect Personal Data?
You will voluntarily provide most of your Personal Data directly to us. We will also obtain Personal Data from third parties. The main sources and occurrences are as follows:

Information and documentation you or your professional advisers or introducers provide at the point of initial enquiry and subsequent follow-up.
When we complete on-boarding procedures.
When you, your professional advisers, intermediaries or other suppliers or service providers communicate with us by whatever means resulting in us recording and storing such communication. From other entities within the Paicolex Group.
From publicly available sources such as the internet and online information and checking services.
Sometimes the provision of your Personal Data to us by third parties will be unsolicited and/or provided in confidence (for example, reports made to us by regulators and other persons) and we will be unable to notify you of this. In all cases we shall take such necessary steps to ensure that Personal Data is obtained and used in a fair and lawful way.

What types of Personal Data do we collect?
The types of Personal Data we collect will vary depending upon the specific relationship with you. We will hold personal identification and contact details with related verification documentation. In addition, we may hold a range of information including but not limited to:
Information relating to your financial circumstances including banking, investments, source of funds and source of wealth.
Information relating to your employment history, business activities and taxation status including tax, national insurance and other identification numbers.
Certain details about your family and your personal circumstances.

Use of Personal Data

Our processing of Personal Data will include obtaining, recording or holding the data, or carrying out any operation or set of operations on the data including organising, copying, analysing, amending, retrieving, storing, disclosing, transferring, retaining, archiving, anonymising, erasing or destroying it.

The legal basis upon which we process Personal Data is that we have either obtained your consent to do so (the most common situation) or where it is necessary:

To perform our contract with you or to take steps at your request to enter into the contract.
For compliance with a legal obligation.
For the purposes of our or another party’s legitimate interests.
The purposes for which we process Personal Data (“Permitted Purposes”) are for the proper governance, management and administration of the Paicolex Group and for the proper discharge of our responsibilities to clients, staff, suppliers and other third parties and to comply with all applicable legal, regulatory and anti-money laundering obligations.

Storage and sharing of Personal Data
We hold Personal Data in organised paper files and electronically in various document formats including in email and database form on secure servers and networked storage devices securely backed-up.

We will, at times, need to share Personal Data within the Paicolex Group and with select third parties, such as:

Persons related to you:
Your agents, professional advisers, counterparties, beneficiaries, family members, trustees, directors, banks, investment managers etc where you ask us to, or as otherwise necessary for the Permitted Purposes.

Persons related to us:
Our agents, consultants and other professionals including within the Paicolex Group. Suppliers and external parties who assist us with legal, administrative, financial, operational and other services and who may have access to certain of your Personal Data as part of their role. These will include, for example IT and back-up service providers, banks, auditors, brokers, insurers, lawyers, accountants and tax advisers.

We will also share Personal Data in situations where disclosure is required by applicable rules and laws or by any court, tribunal, law enforcement, regulatory, public or quasi-governmental authority or department with appropriate authority. We will also make disclosures of Personal Data as required to fulfil the obligations of the Paicolex Group under all applicable national and international tax compliance and exchange of information agreements including those relating to disclosure of controllers and beneficial owners.

The sharing of Personal Data may include transfer abroad. In the unlikely event of a transfer of Personal Data to a third party located in a country without comparable data protection regulations to those applicable to the Paicolex Group, we will endeavour to safeguard your Personal Data by way of contractually binding the third-party recipient or by obtaining your express consent. Exceptionally, such transfer may be by way of overriding public interest.

If a data breach leading to the destruction, loss, alteration, unauthorised disclosure of, or access to your Personal Data occurs which is likely to result in a high risk of adversely affecting your rights and freedoms, we will inform you of this without undue delay.

How long will we keep Personal Data?
We will keep Personal Data in an accessible form which can identify a natural person only for as long as we need to for the Permitted Purposes.

As retention periods can vary significantly depending on the Permitted Purpose and the relevant jurisdictions and applicable regulations (for example GDPR or FADP), it is not possible for us to commit to an overall retention period for all Personal Data held by us.

As a result, we use certain categories and criteria to determine how long we keep certain of your Personal Data. Retention periods may, for example, range from 5 years to 21 years after the termination of a business relationship depending upon the nature of the Personal Data and the applicable rules and regulations. After the expiry of the retention period, we may dispose of files including associated Personal Data without further reference to you.

Your rights
You have certain privacy rights, as a data subject, in relation to your Personal Data. Your rights include:

Right to be informed: You can ask for information about how we process your Personal Data.

Right of access: You can request us to provide you with a copy of your Personal Data.

Right to rectification: You can ask us to correct any errors in your Personal Data.

Right to delete: You can ask us to erase/delete your Personal Data although restrictions may apply.

Right to restrict processing: You can, in certain circumstances, ask us to restrict the purposes for which your Personal Data is processed.

Right of data portability: You can ask us to move, copy or transfer your Personal Data back to you or to another person under certain circumstances.

Right to withdraw consent: Where we are processing your Personal Data on the basis of your consent, you can withdraw that consent at any time.

Right to complain: You have a right to lodge a complaint with the relevant competent national authority in the event that you are not satisfied with our processing of your Personal Data or our handling of your verifiable request to exercise any of your rights.

To exercise your rights, please email privacy(at)paicolex.ch

Legal Notice
You can view our Legal Notice here.