The Swiss structure
Switzerland supervises anti-money laundering compliance for many financial intermediaries through recognised self-regulatory organisations, which operate under the oversight of the federal financial market authority.
Firms whose activity falls within financial intermediation generally need to affiliate with one of these organisations before starting business.
What membership requires
Documented anti-money laundering policies, a qualified compliance function, fit and proper assessment of management and owners, and demonstrable Swiss operational substance.
Members submit to periodic audits and must report material changes in activity or ownership.
How to think about it
Membership is not equivalent to a banking or securities licence and does not permit deposit taking. It addresses financial intermediation and the associated compliance regime.
Choosing the right organisation matters, since sector focus, audit style and cost differ between them.
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