The Self-Regulatory Organizations (SROs) define the due diligence procedure that the affiliated financial intermediaries needs to respect under the Money Laundering Act (MLA). The SROs must also carry out periodic checks in order to guarantee the effective fulfillment of the obligations by their affiliates.
The regulations of the SROs and their subsequent amendments must be approved by FINMA. They establish how financial intermediaries must enforce the legal obligations arising from the MLA, including the obligation to identify the counterparty, the obligation to investigate the ultimate beneficial owner, as well as the obligation of disclosure, in case of suspected of money laundering.
The SROs regulation also specifies how each SRO checks the fulfillment of these obligations from its affiliated entities, for example through periodic checks by external auditors or internal inspectors, as well as the penalties provided for any infringements.
The Self-Regulatory Organization of the Canton Ticino (OAD – FCT) is an association formed on 30 March 1999 with the purpose of providing assistance and advice services to the Canton Ticino trustees and asset managers, in compliance with the federal law against money laundering.
The Organization was officially recognized by the Federal Department of Finance on 25 May 1999. Since 2009 it has also been recognized by FINMA as a professional association authorized to issue rules of conduct in the field of asset management.