What Changed
- Publication of the final partially revised FINMA Anti-Money Laundering Ordinance (AMLO-FINMA) and recognition of Swiss banking and insurance self-regulation standards as minimum regulatory rules.
- Clarification of correspondent banking access rules under Article 37 paragraph 5 AMLO-FINMA and expanded explanatory guidance on ownership structures and Embargo Act coercive measures.
- Issuance of separate guidance amending FINMA Circular 2011/1 to clarify supervisory responsibilities over newly covered advisory services under AMLA.
The Swiss Financial Market Supervisory Authority (FINMA) has published the final partially revised FINMA Anti-Money Laundering Ordinance (AMLO-FINMA). This revision adapts FINMA’s regulatory framework to recent amendments made to the Swiss Anti-Money Laundering Act (AMLA) and the Federal Council’s Anti-Money Laundering Ordinance (AMLO), following a public consultation and ahead of the upcoming Financial Action Task Force (FATF) mutual evaluation.
In addition to the Ordinance, FINMA’s Board of Directors has formally recognised two sets of self-regulation as regulatory minimum standards:
1. The revised agreement on the Swiss banks’ code of conduct with regard to the exercise of due diligence;
2. The revised regulations of the Self-Regulatory Organisation of the Swiss Insurance (SRO-SVV).
Both AMLO-FINMA and the two recognised self-regulatory frameworks will enter into force on 1 January 2027. Furthermore, each set of self-regulation establishes a four-month transition period following entry into force.
Following feedback from the consultation process, FINMA made specific adjustments to the text and explanatory notes:
- Correspondent Banking: The text clarifies that Article 37 paragraph 5 of AMLO-FINMA applies exclusively to clients who have direct access to the correspondent bank’s accounts.
- Ownership and Control Transparency: Explanatory notes clarify the complementary relationship between transparency obligations and existing rules on complex structures and domiciliary companies, while detailing risk-based approaches and documentation expectations.
- Embargo Act Measures: Explanatory notes provide further details on applying the rules concerning the monitoring of business relationships and transactions by analogy to prevent breaches of coercive measures under the Embargo Act.
Additionally, because the AMLA revision expanded its legal scope to cover certain advisory services, FINMA is amending FINMA Circular 2011/1 ("Activity as a financial intermediary under the AMLA"). FINMA is issuing separate regulatory guidance to define the circular's exact scope and clarify supervisory responsibilities regarding advisory activities.
Financial intermediaries, banks, insurance providers, and advisory service providers operating within or into Switzerland should review these updated obligations to ensure operational compliance before the 2027 effective date.
Who May Be Affected
Swiss banks, insurance institutions, financial intermediaries, foreign banks with correspondent banking connections in Switzerland, and advisers subject to Swiss AMLA oversight.
Cross-Border Context
Affects foreign banking institutions with direct account access under Swiss correspondent relationships, international advisory service providers falling within AMLA scope, and cross-border transactions subject to Embargo Act coercive measures.
What to check next
- Review the published text of the revised AMLO-FINMA and accompanying explanatory notes on ownership transparency and Embargo Act monitoring.
- Examine FINMA's separate guidance regarding amendments to FINMA Circular 2011/1 on financial intermediary activity.
- Check the updated text and four-month transition provisions of the Swiss banks' due diligence code (CDB) and SRO-SVV regulations.
This article provides general information and does not constitute legal advice. Consult the official text and obtain advice appropriate to your circumstances where needed.