Applicability of the Anti-Money Laundering Act (AMLA)
Companies and individuals carrying out financial intermediary or advisory activities in Switzerland may be subject to the Anti-Money Laundering Act (AMLA). Whether AMLA applies depends in particular on whether the activity is carried out on a professional basis and whether third-party assets are accepted, held, invested or transferred in the course of such activity.
Different supervisory models apply depending on the activity and business model. Certain financial institutions are supervised directly by the Swiss Financial Market Supervisory Authority FINMA. Depending on their activity and business model, other financial intermediaries or advisers may be required to affiliate with a recognised self-regulatory organisation (SRO).
Important notice
This page provides a general overview of the registration requirement under the AMLA in Switzerland. It is intended for guidance purposes only and does not constitute legal advice. Whether a registration requirement applies must always be assessed on the basis of the specific activity and business model.
FINMA Supervision or SRO Affiliation – What Are the Differences?
Whether a company is supervised directly by FINMA, requires authorisation from FINMA or must affiliate with a self-regulatory organisation (SRO) depends on the specific financial intermediary activity and the relevant business model.
Financial institutions supervised directly by FINMA
Certain financial market participants are subject to the direct supervision of the Swiss Financial Market Supervisory Authority FINMA under specific financial market legislation. These include banks, insurance companies, securities firms and other financial institutions requiring authorisation.
These institutions are subject to their own authorisation, organisational and supervisory requirements. Compliance with anti-money laundering obligations is monitored as part of the relevant financial market supervision.
Financial intermediaries and advisers in the para-banking sector
In addition to directly supervised financial institutions, numerous companies in the so-called para-banking sector may carry out financial intermediary or advisory activities. These include, in particular, companies or individuals that, on a professional basis:
- accept or hold third-party assets
- transfer payments or assets on behalf of clients
- process financial transactions for third parties
- manage assets for third parties
- assist in investing or transferring third-party assets
Depending on how the activity is structured, affiliation with a self-regulatory organisation (SRO) may be required. SROs define the due diligence obligations under AMLA in greater detail in their regulations and monitor whether their affiliated financial intermediaries comply with these obligations. The SROs themselves are recognised and supervised by FINMA.
Asset managers and trustees
A separate supervisory model under the Financial Institutions Act (FinIA) applies to certain asset managers and trustees. As a general rule, they require authorisation from FINMA. Ongoing supervision is generally carried out by a supervisory organisation (SO) authorised and supervised by FINMA.
Further information on the supervision of asset managers and trustees is available on the website of OSFINcontrol AG
FINMA Circular on Activities as a Financial Intermediary under AMLA
The FINMA Circular explains how financial intermediary activities are classified under AMLA and when an activity may be considered to be carried out on a professional basis.