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The Swiss Financial Market Supervisory Authority (FINMA) has published its final, partially revised FINMA Anti-Money Laundering Ordinance.
It takes into account recent changes to the Anti-Money Laundering Act (AMLA) and the Federal Council’s ordinance.
FINMA made the changes in view of Switzerland’s next FATF mutual evaluation.
Furthermore, FINMA’s board recognised two revised sets of self-regulation as minimum standards.
The first is the Swiss banks’ code of conduct on due diligence. The second is the regulations of the Swiss Insurance Association’s self-regulatory body (SRO-SVV). The same reasons drove both revisions.
All three will come into force on 1 January 2027. However, each set of self-regulation has a four-month transition period.
Following its consultation, FINMA amended the rules on correspondent banking with foreign banks.
The change clarifies that Article 37 paragraph 5 applies only to clients with direct access to the correspondent bank’s accounts.
Many responses sought clarity on specific provisions, and FINMA addressed some of them in the explanatory notes.
One example concerns the transparency of ownership and control structures. The notes now explain how this rule complements the rules on complex structures and domiciliary companies.
They also cover the risk-based approach and documentation requirements.
In addition, the notes give more detail on new measures to prevent breaches of sanctions under the Embargo Act.
Specifically, they show how the rule on monitoring business relationships and transactions applies by analogy.
Finally, the revised AMLA now covers certain advisory services. As a result, FINMA needs to amend Circular 2011/1 “Acting as a financial intermediary under the AMLA”.
Separate guidance from FINMA sets out the circular’s scope and clarifies responsibility for supervising advisory work.
Featured image: Edited by Fintech News Switzerland, based on image by funtap via Magnific.
