Financial Crime World

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Subject Entities: Anti-Money Laundering (AML) Requirements

Entities and professions subject to anti-money laundering (AML) requirements include:

Financial Institutions

  • Banks and Investment Firms: These institutions are required to comply with AML regulations to prevent the laundering of proceeds from criminal activities.
  • E-Money Businesses: E-money businesses, which issue electronic money, must also adhere to AML requirements to ensure the integrity of their services.
  • Insurance Undertakings: Insurance companies and related professionals are subject to AML regulations to prevent insurance-related crimes such as money laundering through insurance policies.
  • Lawyers and Law Firms: Lawyers and law firms that engage in tax advice or assist clients in financial or real estate transactions are subject to AML regulations.

Tax Consultancy Professions

  • Tax Consultancy Professions and External Bookkeepers: Members of tax consultancy professions and external bookkeepers are required to comply with AML regulations to prevent the laundering of proceeds from criminal activities.
  • Real Estate Agents: Real estate agents are subject to AML requirements, particularly when dealing with cash transactions or crypto-assets worth CHF 10,000 or more.

Payment Service Providers

  • Payment Service Providers: Payment service providers must adhere to AML regulations to ensure the integrity of their services and prevent money laundering.
  • Asset Management Companies: Asset management companies are subject to AML requirements to prevent the laundering of proceeds from criminal activities.
  • Casinos and Online Gaming Operators: Casinos and online gaming operators must comply with AML regulations to prevent money laundering through their services.

Other Professions

  • Operators of Trading Platforms for Non-Fungible Tokens: These platforms are required to adhere to AML regulations to ensure the integrity of their services and prevent money laundering.
  • Art Dealers and Intermediaries: Art dealers and intermediaries who engage in transactions worth CHF 10,000 or more must comply with AML requirements.
  • Safe Custody Holders and Valuables Storage Providers: Entities that hold third-party assets in safe custody or rent out premises for the storage of valuables are subject to AML regulations.

AML Duties:

Entities subject to AML requirements must perform the following duties:

Identification and Verification

  1. Identification and Verification of Identity: Identify and verify the identity of contracting parties, beneficial owners, and recipients of distributions.
  2. Business Profile Establishment: Establish a business profile that reflects the entity’s knowledge of its customers and their transactions.

Risk-Based Supervision

  1. Risk-Based Supervision: Conduct risk-adequate monitoring of business relationships and transactions to ensure consistency with the established business profile.
  2. Alertness to Changes: Remain alert to changes in customer behavior or deviations from typical patterns and actively inquire into such changes.

Investigations

  1. Simple Investigations: Carry out simple investigations when circumstances arise or transactions take place that deviate from the business profile.
  2. Special Investigations: Conduct special investigations when circumstances arise or transactions take place that give rise to suspicion of money laundering, predicate offenses, organized crime, or terrorism.

Exceptions:

Certain entities or transactions may be exempt from AML regulations due to their nature or value. However, specific exceptions are not mentioned in the provided text.