International Financial Law Prof Blog

Editor: William Byrnes
Texas A&M University
School of Law

Wednesday, November 25, 2015

Switzerland Final Adopts New AML Law

The Swiss Federal Council adopted the Anti-Money Laundering Ordinance (AMLO). It will enter into force on 1 January 2016.

In February 2012, the Financial Action Task Force (FATF) published the revised international standards concerning the combating of money laundering and terrorist financing (FATF Cash3recommendations). Parliament adapted various laws to these standards with the Federal Act for Implementing the Revised Financial Action Task Force (FATF) Recommendations of 12 December 2014. The approved amendments to the Anti-Money Laundering Act (AMLA) and the Swiss Civil Code (CC) require additional remarks and adjustments at ordinance level.

The new due diligence obligations and reporting duties for traders set out in the AMLA will be fleshed out in the new AMLO. They will be applied when traders accept cash payments of more than CHF 100,000 in the course of trading activities. At the same time, the existing Federal Council Ordinance on the Professional Practice of Financial Intermediation (PFIO) will be written into the AMLO. Moreover, the new legal provisions on the reporting system for financial intermediaries will be implemented by amending the Ordinance on the Money Laundering Reporting Office Switzerland (MROSO). Finally, Parliament also decided to improve transparency in the law on foundations whereby ecclesiastical foundations will now also have to be registered in the commercial register. For ecclesiastical foundations which already exist, the details of this obligation will be specified in greater detail in the Commercial Register Ordinance.

The new ordinance provisions will enter into force at the same time as the provisions of the corresponding Act on 1 January 2016.

Download TF Law 2016

Download AML Law 2016

Download AML Law -2 - 2016

See my post - Swiss Enacts Legislation Automatically Providing Bank Customers Info to Foreign Governments

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