Swiss Financial Sector Strides Towards Compliance with Anti-Money Laundering Laws

Switzerland’s financial market has taken significant steps towards strengthening its efforts in combating money laundering and terrorist financing by establishing a robust legislative framework. This framework consists of one federal act, one Federal Council ordinance, and one FINMA ordinance.

The Cornerstone: Anti-Money Laundering Act

The Anti-Money Laundering Act serves as the cornerstone of this legislation, governing the activities of financial intermediaries and ensuring due diligence is exercised in all financial transactions. This act sets the foundation for a secure and trustworthy financial sector.

Clarity through Ordinances

Anti-Money Laundering Ordinance

The Anti-Money Laundering Ordinance provides further clarity on the professional practice of financial intermediation, outlining specific requirements for traders to adhere to. These include:

• Due diligence obligations
• Reporting duties designed to prevent illicit activities

FINMA’s Contribution: Implementing Procedures

The FINMA Anti-Money Laundering Ordinance outlines the procedures that financial intermediaries must implement to fulfill their responsibilities in preventing money laundering and terrorist financing.

Switzerland’s Commitment to Compliance

This comprehensive framework demonstrates Switzerland’s commitment to maintaining a secure and trustworthy financial sector, aligning with international standards and best practices. By establishing this robust legislative framework, Switzerland is taking a proactive approach towards combating money laundering and terrorist financing, ensuring the integrity of its financial system.