Switzerland’s federal government has published draft amendments to the Anti-Money Laundering Ordinance (the Ordinance), which aim to implement the measures in the revised Anti-Money Laundering Act (the Act).
The Act introduces most of the Financial Action Task Force’s (FATF’s) 2016 recommendations for Swiss anti-money laundering (AML) reform, including due-diligence and beneficial ownership reporting obligations for financial intermediaries and service providers in connection with companies or trusts.
The 2021 enactment of the Act satisfies some of the FATF’s requirements, even though the Country has limited reporting requirements, with few exemptions for notaries, lawyers and fiduciaries.
Among the novelties of the draft Ordinance:
Consultation on the draft Ordinance will end on 17 January 2022.