New Rules for Auditors: Increased Requirements for Anti-Money Laundering and Combating Terrorist Financing
Strengthening the Fight Against Money Laundering and Terrorist Financing in Switzerland
Zurich, Switzerland - The Swiss Federal Ordinance on Combating Money Laundering and Terrorist Financing in the Financial Sector has introduced new regulations for auditors aimed at strengthening the fight against money laundering and terrorist financing.
New Requirements for Lead Auditors
According to Article 22b of the ordinance, lead auditors must possess sufficient expertise and practical experience in Anti-Money Laundering (AML) matters. To demonstrate this, they must provide proof of having conducted at least:
- 100 audit hours in AML matters over the past four years
- Four hours of continuous professional development (CPD) per year
New Authorization for Auditors
Auditors licensed to perform audits of financial institutions will also be authorized to conduct audits of Anti-Money Laundering and Combating Terrorist Financing (AML/CTF) matters. This new authorization is expected to enhance the efficiency and effectiveness of AML/CTF compliance in the financial sector.
New Requirements for Continuous Professional Development
The ordinance sets out new requirements for CPD, which must include:
- At least one hour-long event addressing AML matters
- Internal events with a minimum of three participants
- Self-study courses are not considered valid CPD activities
Repeal and Amendments to Other Enactments
The repeal and amendment of other enactments are outlined in Annex 2 of the ordinance, which includes:
- Repeal of the Implementing Ordinance on the Professional Activity as Financial Intermediary (OPAFI)
- Amendments to other relevant regulations
About KPMG
KPMG is a leading provider of audit, tax, and advisory services. Our team of experts has extensive experience in helping clients navigate complex regulatory requirements and achieve compliance with anti-money laundering and combating terrorist financing regulations.
For more information, please contact Philipp Rickert, Partner and Head of Financial Services at KPMG AG.
Disclaimer
The information contained in this article is general in nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received, or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.