Financial Crime World

Switzerland’s Financial Regulators Welcome Whistleblowers: A Guide on How to Report Financial Crime

Switzerland has long been a hub for international finance, but its reputation also comes with a strong commitment to rooting out financial wrongdoing. For individuals who suspect or have evidence of illicit activities, reporting them is not only encouraged but also protected by law.

The Swiss Framework for Whistleblowers

The Swiss Federal Act on Combating Money Laundering and Terrorist Financing (AMLA) provides a robust framework for whistleblowers to report suspicious transactions and activities. The act mandates that financial institutions must establish internal compliance programs to prevent money laundering and terrorist financing.

Reporting Financial Crime in Switzerland

Financial crime can be reported through various channels, including:

  • Direct Reporting: Individuals can report directly to the relevant authorities such as the Financial Market Supervisory Authority (FINMA) or the Swiss Federal Office of Police (fedpol).
  • Whistleblower Hotlines and Email Addresses: Many financial institutions provide whistleblower hotlines or email addresses for reporting suspicious activities.
  • Compliance Officers: Individuals can also submit a report to a designated compliance officer within a company.

What to Provide When Reporting Financial Crime

When reporting financial crime, it is essential to provide as much detail as possible about the suspected activity. This includes:

  • Relevant Documents: Any documents related to the suspicious transaction or activity.
  • Witness Statements: Statements from individuals who may have witnessed the illicit activity.
  • Other Evidence: Any other evidence that supports the report.

A Safe and Transparent Financial System

Switzerland’s robust legal framework and strong whistleblower protection make it an attractive destination for those who want to report financial wrongdoing. By following the proper channels and providing accurate information, individuals can help prevent financial crimes and contribute to a safer and more transparent financial system.