Banks must Constantly Adapt to Revised or New AML Legislation
Changes to AML regulations in Switzerland have been introduced over recent years through different laws and international agreements:
- The Swiss Banking Association (SBA) published the revised Agreement on the Swiss banks’ code of conduct with regard to the exercise of due diligence (CDB 20). It came into force on January 1, 2020.
- The Swiss Financial Market Supervisory Authority FINMA partially revised the FINMA Anti-Money Laundering Ordinance (AMLO-FINMA), which came into force on 1 January 2023.
- The Swiss Federal Council brought the revised AMLA and the amended Anti-Money Laundering Ordinance (AMLO) into force with effect from 1 January 2023.
- On February 27, 2024, Switzerland signed a bilateral agreement of cooperation with Panama to fight financial crime and in particular money laundering, financing of terrorism, and bribery and corruption. Switzerland also has mutual legal assistance agreement with Indonesia and Kosovo.
- At its meeting on 22 May 2024, the Federal Council adopted the dispatch on the further development of the AML framework to be submitted to Parliament. The aim is to reinforce the integrity and competitiveness of Switzerland utilising a federal register of beneficial owners and due diligence for particularly risky activities in legal professions, as well as other provisions.
- On December 18, 2024, the Swiss Council of States approved the Federal Act on the transparency of legal entities and the identification of beneficial owners. The proposal now goes to the National Council. The transparency register is intended to prevent companies in Switzerland from being used for money laundering or the concealment of assets.