The Swiss Financial Market Supervisory Authority FINMA has partially revised the FINMA Anti-Money Laundering Ordinance. It also recognised the revised agreement on the Swiss banks’ code of conduct with regard to the exercise of due diligence and the revised regulations of the SRO-SVV as minimum standards. Finally, FINMA has published guidance explaining FINMA Circular 2011/1 “Acting as a financial intermediary under the AMLA”.
The FINMA Anti-Money Laundering Ordinance (AMLO-FINMA), which has been partially revised by FINMA, notably takes the recent amendments to the Anti-Money Laundering Act (AMLA) and the Federal Council’s Anti-Money Laundering Ordinance (AMLO) in view of the forthcoming FATF mutual evaluation into consideration. FINMA held a consultation in connection with this partial revision (see press release) and is now publishing the final Ordinance. In addition, FINMA’s Board of Directors recognised the revised agreement on the Swiss banks’ code of conduct with regard to the exercise of due diligence – which had been revised for the same reasons – and the revised regulations of the Self-Regulatory Organisation of the Swiss Insurance (SRO-SVV) as minimum standards. The Ordinance and both sets of self-regulation will come into force on 1 January 2027, with each set of self-regulation providing for a four-month transition period.
As a result of the consultation, the provisions governing correspondent banking relationships with foreign banks were amended to clarify that Article 37 para. 5 AMLO-FINMA applies only to clients with direct access to the correspondent bank’s accounts. Furthermore, FINMA received numerous inputs regarding the clarification of individual provisions, some of which are reflected in the explanatory notes. Firstly, the explanatory notes on the transparency of ownership and control structures have been amended to clarify the complementary relationship between this provision and the rules on complex structures and domiciliary companies, and to explain the risk-based approach and the documentation requirements. Secondly, the explanatory notes on the new measures to prevent breaches of coercive measures based on the Embargo Act have been supplemented to provide further details on the analogous application of the provision concerning the monitoring of business relationships and transactions.
As the revision of the Anti-Money Laundering Act (AMLA) broadens its scope and now covers certain advisory services, there is also a need to amend FINMA Circular 2011/1 “Activity as a financial intermediary under the AMLA”. In this context, FINMA is issuing separate guidance setting out the scope of the Circular and clarifying the responsibilities in relation to the supervision of activities carried out as an adviser.
