Switzerland Proposes To Amend Anti-Money Laundering Legislation

; posted on
June 7th, 2018

The Swiss Federal Council started the consultation procedure on amendments to the Anti-Money Laundering Act (AMLA). The consultation will last until 21 September 2018.

Key Measures Proposed on the Consultation Draft

Based on the recommendations made by the Financial Action Task Force after the fourth review of Switzerland in 2016, the Swiss Federal Department of Finance prepared this consultation draft which also reinforces the integrity of the Swiss financial centre:

  • Due diligence obligations are to be introduced for certain services which concern the establishment, management or administration of companies and trusts. Activities for operating companies in Switzerland are excluded due to their low risk. A planned duty to verify should ensure that the regulations are effective. Supervision or a duty to report will not apply.
  • The law now explicitly obliges financial intermediaries to verify information on beneficial owners. This creates a basis for the existing practice and enshrines case law. Furthermore, financial intermediaries must regularly check that client data is up to date. The frequency and scope of reviews is based on the degree of risk posed by the contracting party.
  • Associations which are at risk of being misused for the financing of terrorism or money laundering must now be entered in the commercial register. This concerns associations which are mainly involved in collecting or distributing assets abroad for charitable purposes.

Relevant report published by CGMF

Together with the opening of consultation, the interdepartmental coordinating group on combating money laundering and the financing of terrorism (CGMF) published its report on the risks of money laundering for legal entities, which analyses the risks associated with various legal forms and reinforces the draft’s proposed measures as mentioned above.

Sources: Swiss Federal Council

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