The Circular 2011/1 on Financial Intermediation under the Anti-Money Laundering contains the implementing provisions for the Ordinance on the Professional Practice of Financial Intermediation, which entered into force on 1 January 2010. It is aimed at financial intermediaries in the para-banking sector and self-regulatory organisations recognised by FINMA. The Circular was adopted by FINMA's Board of Directors following the consultation period for interested parties and will come into effect on 1 January 2011.
FINMA is authorised under Art. 12 of the Ordinance on the Professional Practice of Financial Intermediation (OPPFI) to issue implementing provisions. This Circular reflects FINMA's practice concerning activities coming under the Anti-Money Laundering Act (AMLA): it specifies how FINMA interprets the AMLA and the OPPFI and when a professional practice of financial intermediation exists. The practice is based closely on that followed by the former Anti-Money Laundering Control Authority. The Circular further stipulates when the transfer of assets as an accessory service, accessory lending and accessory money exchange are in question, activities which pursuant to OPPFI no longer fall under the AMLA. The Circular also makes clear that investment companies excluded from the Collective Investment Schemes Act come under the AMLA.
FINMA opened the consultation period on 11 June 2010. From the comments received, it emerged that the draft of the Circular was considered to be too short in length and to contain an inadequate number of examples. These points have been taken into consideration and incorporated into the revised circular along with more examples and explanations.
The FINMA Circular 2011/1 on "Financial Intermediation under the Anti-Money Laundering" will enter into force on 1 January 2011.
Alain Bichsel, Head of Communications, Phone +41 (0)31 327 91 70, email@example.com