Regulation Switzerland
Due diligence obligations under the Swiss Anti-Money Laundering Act
Updated: · Leutrim Miftaraj, FLIORE · Editorial standards · Other languages: Deutsch · Français · Español
Short answer
Anyone who qualifies as a financial intermediary in Switzerland must identify the contracting party, establish the beneficial owner, carry out special clarifications where risks are higher and document everything so that an audit can follow it. For family offices this means: structure, persons, source of assets and ongoing monitoring must be evidenced at all times.
Who is affected
The Anti-Money Laundering Act (AMLA, in German GwG) applies to financial intermediaries – banks, asset managers, trustees and other persons who, on a professional basis, accept, hold in custody or manage assets belonging to others. Independent asset managers and trustees are subject to the AMLA and require a licence under the Financial Institutions Act (FinIA). Other financial intermediaries join a self-regulatory organisation (SRO).
A single family office that manages only the wealth of its own family is often not a financial intermediary within the meaning of the AMLA. The banks it works with still require the corresponding information – so in practice the single family office needs clean documentation as well.
The core obligations
The obligations build on one another:
- Identifying the contracting party on the basis of documents with evidential value.
- Establishing the beneficial owner – for operating companies the controlling person, for domiciliary companies, foundations and trusts the persons behind the structure.
- Repeating identification or establishment of the beneficial owner when doubts arise.
- Special clarifications where risks are higher, for example for politically exposed persons (PEPs) or links to high-risk countries.
- Documentation and record keeping, so that qualified third parties can follow the clarifications.
Forms A, K, S and T
In practice, the information on the beneficial owner is recorded on standardised forms that derive from the Swiss banks' code of conduct with regard to due diligence (CDB): Form A for the beneficial owner, K for the controlling person of operating companies, S for foundations and T for trusts. A family office that works with several banks fills in these forms again and again – with the same data.
FLIORE keeps this data once: person, role, share, tax residence, identity document. Who holds which role in which structure is visible in the register; changes are dated and traceable in the audit trail.
Risk-based approach
The AMLA does not call for a mechanical routine but for a risk-based assessment. FLIORE supports it with a risk reference covering all 249 countries (FATF status with date), 31 industries and PEP status – and it also takes into account the country links of all connected persons. The highest band applies; an organisation's own rating can only make it stricter. The decision remains with the responsible person.
At a glance
| Legal basis | Federal Act on Combating Money Laundering and Terrorist Financing (AMLA/GwG) |
|---|---|
| Supervision | FINMA or self-regulatory organisations; asset managers and trustees via supervisory organisations |
| Core obligations | Identification, beneficial owners, special clarifications, documentation |
| Typical forms | A, K, S, T (CDB) |
Terms on this page
- Beneficial owner
- The natural person who ultimately owns or controls a company, foundation or trust, or on whose behalf a transaction is carried out.
- Forms A, K, S and T
- Standardised forms used by Swiss banks to establish the beneficial owner: A in general, K for controlling persons, S for foundations and T for trusts.
- Politically exposed person
- A person who holds or has held a prominent public function, as well as their family members and persons known to be close associates.
- High-risk country
- A country with strategic deficiencies in combating money laundering and terrorist financing, in particular according to the FATF lists.
- Single family office
- An organisation that manages exclusively the wealth and affairs of a single family.
- FinIA (Switzerland)
- Swiss act which, among other things, requires portfolio managers and trustees to obtain a licence from FINMA.
Frequently asked questions
What is the difference between a beneficial owner and a controlling person?
For operating companies, the controlling person is established – as a rule whoever holds at least 25 per cent or controls the company in another way. For domiciliary companies, foundations and trusts, the question is to whom the assets are economically attributable.
How often must the information be reviewed?
The AMLA requires ongoing, risk-based monitoring. Where risks are higher, the information must be reviewed more often. FLIORE schedules periodic reviews per mandate and reminds the team of due dates.
Does the AMLA also apply to a single family office?
Not automatically. The decisive question is whether it looks after assets belonging to others on a professional basis. Regardless of that, banks require the information on the beneficial owner.
Who supervises compliance with the AMLA?
Banks and licensed institutions are supervised by FINMA; asset managers and trustees are supervised by supervisory organisations authorised by FINMA. Other financial intermediaries are supervised by their self-regulatory organisation.
Sources
- Swiss Anti-Money Laundering Act (AMLA/GwG, SR 955.0) – Fedlex
- FINMA – Combating money laundering
- FATF – Standards and country lists
This page provides orientation and does not replace legal or tax advice. The cited legal sources in their applicable version are authoritative.
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