Regional Guide

Guide Sanction Scanner


Global AML Guide

1. Are there any sanctions imposed against Switzerland?
    Yes. Since 1 January 2003, the sanctions regime in place is based on the Federal Act on the Implementation of International Sanctions of 22 March 2002 (also known as the Embargo Act, “EmbA”)
2. What are the regulated institutions in Switzerland?
    Banks, securities dealers, insurance institutions and casinos.
3. Who are the local regulatory authorities in Switzerland and which government authorities are responsible for the investigation and prosecuting money laundering criminal offenses?
    FINMA is the Swithzerland’s regulator supervising the financial markets and participants.
    The Money Laundering Reporting Office Switzerland (MROS) The State Secretariat for Economic Affairs, SECO
4. What is the status of Switzerland’s FATF?
    Switzerland is the member of the FATF since 1990.
5. Which global regulations Switzerland have to comply with?
    Since Switzerland is a member of FATF, it is obliged to comply with the FATF 40 recommendations and since it is a member of the European Union, it also has to comply with EU law (4AMLD, 5AMLD, 6AMLD).
6. What are AML obligations of the businesses in Switzerland?
    MLO-FINMA sets specific requirements for certain types of financial intermediaries. Art.20 para. 2 AMLO-FINMA should be mentioned, for example, which stipulates that banks and securities dealers must operate a computer-based system for monitoring transactions.
7. What are the local AML laws and regulations in Switzerland?
    Section 5 of the EmbA
    Federal Act on Combating Money Laundering and Terrorist Financing(AMLA)
8. What are the penalties for failure to comply with anti money laundering law in Switzerland?
    The penalties may result in imprisonment for up to five years, which may be combined with a fine of up to CHF 1 million.
9. What are the contact details of the relevant regulators in Switzerland?
    The State Secretariat for Economic Affairs, SECO
    Holzikofenweg 36 Berne, 3003 Switzerland
    T: (+41) 58 464 08 12
10. Are violations of anti-money laundering obligations also subject to criminal sanctions?
    Art 102 paragraph 2 SCC is to be mentioned, which, in the context of a money-laundering offense, stipulates that the company will also be punished if it has not taken all necessary and reasonable organizational measures to prevent an offense of this nature.
11. What can obliged institutions do to prevent money laundering and to comply with AML regulations?
    In Switzerland, in order to prevent money laundering activities, it is necessary to comply with the laws, so precautions such as Know Your Customer, Customer Due Diligence, Transaction Monitoring, and Transaction Screening should be taken in order to easily comply with these regulations. With Sanction Scanner solutions, organizations can comply with all regulations in Switzerland.