I. Criteria of professional activity

In its Ordinance on the Professional Practice of Financial Intermediation (GwV), the Swiss Federal Council defined when a financial intermediary becomes professionally active in the so-called "alternative financial sector" (Art. 2 Para. 3 AMLA) under the terms of the Anti-Money Laundering Act and in this case is compulsorily required to join a self-regulatory organisation (SRO) or to obtain FINMA approval:

If a financial intermediary meets at least one of the criteria for professional activity as defined by GwV:

II. Non-professional financial intermediaries (Non-professional Membership)

Financial intermediaries in the alternative finance (parabanking) sector who are not professionally active under the terms of GwV, i.e. not obliged to be a member of a SRO or to enjoy FINMA approval, may join the VQF. The idea behind this is that on entering into professional activity at a later date (on meeting one of the criteria for professional activity as defined by GwV) SRO membership will already exist and on entering into professional activity it will not be necessary for the member to suspend the building of his business until SRO membership is received (see Art. 11 Para. 2 GwV).
You find the regulations for the "non-professional" membership status in the section VQF Downloads.

III. Existing VQF membership::

If you are already a professional member of the VQF, you can apply to change to "non-professional SRO member" status. 

IV. No existing VQF membership:

If you are not already a member of the VQF, you can apply by submitting the application form for admission as a "non-professional SRO member". 

However, even if you do not meet the criteria for professional activity you can still apply for membership as a professional SRO member (e.g. if you think that you will cross the boundary into professional activity within a short period of time following admission into the VQF). You find further information and documents in the section VQF Downlaods.

Swiss authorities:

Sanctions and measures in Switzerland:

Legal Principles:

Important documents:

The advisory service that the VQF provides to its members is equally as diverse as the services that your own organisation offers. In order to allow you not only to provide the best possible service to your customers but also to comply with the duties arising from your membership of the VQF as easily, efficiently and cost effectively as possible, our team at the Legal & Compliance Desk is at your personal disposal for specialist legal advice.

As a consequence, you have expert contact partners who are very well acquainted with the diverse problems associated with implementing the various legal principles, as well as your responsibilities arising from them, and hence can offer you (customised) solutions in specific, individual cases. Furthermore, this specialist legal advice is provided on favourable terms -  please consult our Regulation on Fees.

I. Principle

Pursuant to the Anti-Money Laundering Act (AMLA), persons or companies active as financial intermediaries with registered offices or branch establishments in Switzerland must be affiliated to a self-regulatory organisation or authorised by the Federal Financial Market Supervisory Authority (FINMA).

II. Financial intermediaries subject to special statutory supervision (Art. 2 Para. 2 AMLA)

Financial intermediaries subject to special statutory supervision (Art. 2 Para. 2 AMLA ) are supervised directly by FINMA. These are: 

III. Other financial intermediaries (active in the parabanking sector) (Art. 2 Para. 3 AMLA):

In contrast to the above mentioned financial intermediaries subject to special statutory supervision (Art. 2 Para. 2 AMLA ), other financial intermediaries (Art. 2 Para. 3 AMLA; so-called "alternative financial sector" or "parabanking sector") may choose whether they wish to be supervised directly by FINMA, by submitting an application for authorisation, or join the VQF SRO. Financial intermediaries active in the alternative financial (parabanking) sector are (see Art. 2 Para. 3 AMLA ):

The way in which the above mentioned article is to be interpreted, i.e. whether in an individual case an activity is subject to authorisation and affiliation pursuant to Art. 2 Para. 3 AMLA, is explained in Circular 2011/1 on Financial Intermediation under the Anti-Money Laundering Act containing the implementing provisions for the Ordinance on the Professional Practice of Financial Intermediation (VBF).

In addition to this, duty of authorisation and affiliation pursuant to Art. 2 Para. 3 AMLA only exists when the financial intermediary activity in question is exercised professionally. Whether or not a financial intermediary activity is considered to be exercised professionally is determined in accordance with the criteria and limits of professional activity as defined in the "Ordinance on Combating Money Laundring and Terrorist Financing Anti-Money Laundering Ordinance (GwV)". If a financial intermediary meets at least one of the criteria for professional activity as defined by GwV:

The following applies in the case of financial intermediaries who wish to join a SRO but already illegally exercised professional financial intermediary activity, i.e. in violation of the two month period pursuant to Art. 11 Para. 1 Letter b GwV (late admission):

The VQF SRO is obliged to report such cases to FINMA (FINMA Circular 2008/17 Exchange of Information FINMA/SRO). Until membership is granted, Financial intermediaries must not perform any actions that go further. On submitting the application for admission the financial intermediary must confirm to the SRO in writing that the illegal activity has ceased. If necessary the VQF SRO may suspend the application for admission until such confirmation has been received. 

IV. Persons exempt (Art. 2 Para. 4 AMLA)

The persons named in Art. 2 Para. 4 AMLA are exempt from the scope of application of the AMLA.