Extending AML obligations beyond financial intermediaries
Until now, AMLA primarily applied to financial intermediaries handling third-party assets. The proposed amendments will extend obligations to professionals and legal entities involved in financial transactions related to:
Advisors offering registered office or domiciliation services for more than six months would also fall under the extended scope.
Introducing stricter due diligence standards
Advisors will be required to comply with enhanced due diligence obligations similar to those imposed on financial intermediaries. This includes verifying client identity, identifying beneficial owners, maintaining proper documentation, and understanding the background and purpose of transactions, particularly those posing higher risks.
Suspicious transactions must be promptly reported to the Money Laundering Reporting Office. Advisors will also have to affiliate with a recognised self-regulatory organisation, which will monitor compliance and maintain a public register of members overseen by the Swiss Financial Market Supervisory Authority (FINMA).
Safeguards for legal professionals
The Federal Council has sought to balance regulatory oversight with professional secrecy. Lawyers and notaries engaged in judicial or arbitration matters remain exempt, and specific provisions ensure that information protected by professional secrecy can only be disclosed in narrowly defined circumstances.
A step towards greater transparency
These measures align with international efforts to enhance transparency and combat financial crime. They will complement Switzerland’s new register of beneficial owners, enacted under the Federal Act on the Transparency of Legal Entities and the Identification of Beneficial Owners. Together, these reforms aim to strengthen Switzerland’s reputation as a clean and transparent financial centre ahead of the next Financial Action Task Force (FATF) evaluation.
How Alpadis can support you
Navigating regulatory changes in Switzerland can be complex, particularly for advisors, corporate service providers, and family offices now falling within the expanded AML framework.
Alpadis offers comprehensive compliance and corporate advisory services, ensuring your structures, reporting obligations and governance frameworks remain fully compliant with Swiss regulations. Our team in Switzerland combines local insight with international experience to help clients adapt confidently to evolving compliance demands.
Contact Alpadis today to discuss how our experts can help you manage regulatory changes effectively and maintain a robust, compliant structure for your business or advisory activities.
