must be recognised by FINMA for their activities in the context of combating money laundering and the financing of terrorism. SROs are supervised from the date on which they are recognised. FINMA monitors actively and directly whether SROs are in compliance with money laundering rules. SROs in supervisory category 6, however, are not prudentially supervised.
Annual risk analysis and categorisation
Once a year, FINMA carries out a risk analysis and categorisation for SROs, looking in particular at their membership structure, their policies regarding business, risk and supervision, and their organisation. The risk category to which an SRO
is assigned determines the intensity and frequency of the supervisory tools used by FINMA in each case.
Supervisory tools include periodic on-site supervisory reviews, regular bilateral supervisory consultations and analysis of an SRO’s annual reports. Once a year, all SROs are sent assessment letters detailing any weak points and indicating where action is required. In addition, FINMA organises meetings with all SROs as a forum for discussing general challenges in the operational implementation of AMLA