FinIA (Switzerland)

Swiss act which, among other things, requires portfolio managers and trustees to obtain a licence from FINMA.

In practice

For family offices, the first question under FinIA is their status: single family offices that work exclusively for one family generally do not require a licence. Multi family offices that manage assets for several families or act as trustees, by contrast, need a licence from FINMA and are subject to the ongoing supervision of a supervisory organisation. Offices working at the boundary should document their assessment and review it whenever their client base changes.

Distinctions and common mistakes

The FINMA licence and supervision by a supervisory organisation go together; one is not available without the other. A common mistake is to start serving a second family before the licensing question has been clarified.

Related terms

Multi family office

A service provider that looks after the wealth and affairs of several unrelated families.

Mentioned in these guides

• Setting up a single family office in SwitzerlandHow to set up a single family office in Switzerland: mandate, legal form, licensing under FinIA, governance, team and the systems to put in place first.
• Family office software for SwitzerlandWhat Swiss family offices need from software: structures across jurisdictions, AML due diligence, automatic exchange of information and Swiss data storage.
• Software for the single family officeSingle family office software: the whole family structure, consolidated wealth across all banks, documents with deadlines and compliance evidence in one system.
• Software for the multi family officeMulti family office software: many families in parallel, strict data separation, risk assessment, audit trail, reporting, invoicing and client portal.
• Single vs. multi family office: the differencesSingle or multi family office? Differences in mandate, cost, regulation, confidentiality and organisation – with a comparison table and notes on software.
• Software for multi family offices in SwitzerlandMulti family office in Switzerland: FinIA licence, supervisory organisation, AMLA due diligence and data protection – and how FLIORE maps these duties.
• Due diligence obligations under the Swiss Anti-Money Laundering ActDue diligence under the Swiss AMLA: identifying the contracting party, establishing the beneficial owner, special clarifications, records – and practice.
• Trusts in Switzerland: recognition, trustees, taxationHow Switzerland deals with trusts: Hague Trust Convention, FINMA licences for trustees, Form T, AEOI, taxation under Circular No. 30, the shelved Swiss trust.