Please note that in most jurisdiction the provision of nominee services is regulated, for example in Cyprus we have the Administrative Service Providers Law, and you do have an obligation for transaction monitoring.
He mentioned that it is required by Money Laundering Act, so can't really say no to this, but can't find any info online either.
Does it mean he has to sign every transaction as well with me? Sounds like a headache.
This is the goal, not sure if Credit Suisse (UBS) / some big banks in CH allow this.
Does the service providers law explicitly cover nominee directors?
you should be able to setup various types of joint signature access. For example, the director could have read only access (but it would look strange to the bank), or he/you could have single signature powers up to a certain amount
There is no need for a specific law regarding nominee directors here as the CSP will simply be obliged to follow AML / CTF regulations, meaning that if they provide the nominee director (which I am pretty sure they do as you will need a trust/CSP license to provide such a service) they will need to know what is going on on your bank account (of the entity in question).
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The nominee director ”” like any director”” has potential personal liability in case of wrongdoings. That's why they are invoking the Money Laundering Act as reason for having access.
