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Compliance Training Crucial for Financial Institutions in Switzerland Amid Stricter Anti-Money Laundering Regulations

In a bid to strengthen its anti-money laundering and terrorism prevention efforts, the Swiss Confederation has put in place a raft of regulations that financial institutions must adhere to. The Geldwaschreigesetz (GwG), or Anti-Money-Laundering Act, is a key piece of legislation that governs the combating of money laundering and terrorist financing among financial intermediaries.

Strengthened Regulations

The Financial Market Supervisory Authority (FINMA) has outlined strict norms for:

• Controlling client transactions
• Onboarding procedures
• Audit frequencies
• Notification processes

and more. Furthermore, the Meldestelle für Geldwäscherei (MROS), or Money Laundering Reporting Office Switzerland, receives information about suspected activities from financial intermediaries and acts to prevent such transactions by blocking funds or forwarding the information to international bodies.

Compliance Requirements

To ensure compliance with these requirements, financial institutions must:

• Appoint an independent employee responsible for monitoring anti-money laundering procedures and their effectiveness within the company
• Designate this individual as the Anti-Money Laundering Officer (AMLO)

In smaller firms, the AMLO may also handle:

• Onboarding new clients
• Risk management
• Compliance rules

Characteristics of the Anti-Money Laundering Officer

The AMLO can either be a company employee or an external contractor providing services under contract. During financial license applications, documents and information provided for the AML officer are typically identical to those submitted for company directors.

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