Financial Crime World

Financial Regulation in Switzerland: What You Need to Know

In Switzerland, financial services require authorization before they can operate in the market. The Swiss Financial Market Supervisory Authority (FINMA) is responsible for granting this authorization.

Authorization Requirements

To manage clients’ money or take funds from investors, set up and manage a collective investment scheme, or underwrite insurance policies, companies must first meet statutory requirements and obtain a license. Authorized companies are then subject to supervision by FINMA, which can range from intensive ongoing monitoring to simply registering the company.

Types of Financial Services Requiring Authorization

In Switzerland, various types of financial services require authorization, including:

  • Banks and securities firms
  • Licensed persons under Article 1b BA (FinTech license)
  • Insurers
  • Registered insurance intermediaries
  • Asset managers
  • Stock exchange and financial market infrastructures
  • Portfolio managers and trustees
  • Supervisory organizations

Anti-Money Laundering Act (AMLA)

In addition to these requirements, financial institutions must also comply with the Anti-Money Laundering Act (AMLA) by joining a self-regulatory organization or undergoing direct supervision. The AMLA allows for indirect supervision via a self-regulatory organization.

Financial Advisors

Financial advisors who work with Swiss financial service providers that are not subject to prudential supervision in Switzerland must register with an adviser register and obtain a business identification number (UID).

Obtaining Information

For those seeking more information, FINMA provides a list of authorized companies, including their available business identification numbers. Anyone unsure about whether a service provider has been authorized can contact FINMA at the address provided.

Contact Information

  • Swiss Financial Market Supervisory Authority
    • Address: Laupenstrasse 27, CH-3003 Bern
    • Phone: [insert phone number]
    • Email: [insert email]

Note: The original text is mostly factual and does not contain any opinions or subjective statements. Therefore, the markdown formatting follows a more formal tone and structure.