Switzerland Ensures Employees are Well-Versed in Anti-Money Laundering Legislation

The Swiss Vocational Training and Further Education Fund (VQF) has implemented a comprehensive training program for employees in Switzerland to ensure compliance with the Anti-Money Laundering Act (AMLA).

All Employees in the Financial Sector Must Complete Training

Under VQF regulations, all employees must complete basic training within one year of admission into the SRO, entering into financial intermediary activity, or assignment of an AMLA function. Following successful attendance at basic training, individuals must attend advanced training every two years to stay up-to-date with the latest developments in the field.

Training Goals

The primary objective of the VQF’s training program is to ensure that employees are aware of their duties under the AMLA and can correctly implement them. The training also aims to keep members informed about the latest jurisdictional insights, developments, and trends in the anti-money laundering field.

Details of the Training Program

The basic training seminar covers a range of topics, including:

• Basics of anti-money laundering regulation in Switzerland and internationally
• Membership requirements for VQF
• Due diligence duties under AMLA

The advanced training seminar provides information on current developments in financial market regulation and recent amendments to the AMLA.

Costs and Schedule

The costs for the training seminars are as follows:

• Basic Training Seminar:
  • Face-to-face training: CHF 650 plus VAT
  • Webinar attendance: CHF 500 plus VAT
  • Duration: 9 hours
• Advanced Training Seminar:
  • Face-to-face training: CHF 500 plus VAT
  • Webinar attendance: CHF 400 plus VAT
  • Duration: 3 hours

Certification

Upon completing a seminar and passing the final test (only applicable to basic training), participants receive a personalized certificate of participation, serving as proof of compliance with their duty of training.