Switzerland: 4 anti-money laundering bodies

Discover the four leading Swiss organisations specialising in the fight against money laundering, to gain a full understanding of how Swiss financial intermediaries are regulated and supervised.

#1 FINMA, the Swiss Financial Market Supervisory Authority

Established on 1 January 2009, FINMA is an independent supervisory authority responsible for regulating a wide range of financial intermediaries, such as banks, stock exchanges and insurance intermediaries. Its role is therefore to protect creditors, policyholders and investors whilst ensuring the smooth functioning of the financial markets.

With the complete independence afforded by its status as a public-law institution with its own legal personality, FINMA carries out its various tasks using the tools at its disposal, including supervision, authorisation and the enforcement of supervisory law.  

Every four years, FINMA’s Board of Directors sets the organisation’s objectives, subject to approval by the Federal Council. With strategic management handled by the Board of Directors and operational management by the Executive Board, FINMA’s organisational structure is designed to enable it to fulfil its mandate effectively, using all the financial resources at its disposal in an appropriate and responsible manner.

It represents Switzerland’s ethical regulatory approach on the international stage by working with national authorities within bodies specialising in financial market supervision.

Email: [email protected]

Telephone: +41 31 327 91 00

Address: 27 Laupenstrasse, 3003 Bern, Switzerland

Please feel free to follow the organisation’s Twitter and LinkedIn accounts!

#2 MROS, the Money Laundering Reporting Office

Operating under the Federal Office of Police (fedpol), the MROS (Money Laundering Reporting Office-Switzerland) is a reporting office that relays and screens all communications between financial intermediaries and the criminal prosecution authorities. 

It is a central national body which, in accordance with the Swiss Anti-Money Laundering Act (AMLA, in particular Articles 9 and 23), forwards to the competent authorities all reports of suspected money laundering received from financial intermediaries:

• money laundering;
• the financing of terrorism;
• criminal organisations;
• possession of proceeds of crime.

In addition to its communication remit, MROS publishes annual anonymised statistics on developments in the fight against money laundering, terrorist financing and organised crime in Switzerland. It should be noted that the office is not a police authority, unlike certain Swiss regulatory bodies, but rather an administrative authority responsible for specific functions.

Like FINMA, MROS is active on the international stage, notably through its membership of the Egmont Group, an international association dedicated to securing, accelerating and facilitating the exchange of information between competent authorities in the fight against money laundering.

Email: [email protected]

Telephone: +41 58 463 40 40

Address: 1A Guisanplatz, CH-3003 Bern, Switzerland

To contact MROS, please visit the dedicated page.

#3 Self-regulatory organisations (SROs)

Organised under private law, SROs are self-regulatory organisations whose primary role is to ensure that financial intermediaries comply with the various obligations set out in the Anti-Money Laundering Act (AMLA). Indeed, all intermediaries operating in accordance with the standards set out in the AMLA are required to join an SRO officially recognised by FINMA.

SROs therefore draw up regulations in accordance with the standards of the AMLA and then monitor all financial intermediaries affiliated with them to ensure that these regulations are properly observed. 

The regulations drawn up by the SROs include, in particular:

• identity verification;
• the identification of the beneficial owner;
• the provisions relating to the method used by the SRO to verify compliance with the standards;
• the nature of any penalties;
• any suspected cases of money laundering (which must be reported)

It should be noted that SROs are also supervised by FINMA, which may either carry out inspections of these bodies itself or commission audit firms to do so. Furthermore, if an SRO ceases to meet the conditions required for recognition by FINMA, the authority is fully entitled to withdraw its designation.

In order to be recognised by FINMA, SROs must, in particular:

• have valid regulations in place to be enforced;
• ensure that its affiliated intermediaries comply fully with these regulations;
• to provide a guarantee of the impeccable nature of its operations;
• ensure that any audit firms they have appointed to enforce their regulations also comply with the requirements set out in the AMLA.

#4 SO-FIT, the supervisory authority for financial intermediaries and trustees

SO-FIT is a non-profit association authorised by FINMA, comprising two members: the Geneva Association of Wealth Managers and the Association of Wealth Managers of the Lake Geneva Region and the Mittelland.

SO-FIT has been combating money laundering and terrorist financing for many years by regulating financial intermediaries and carrying out prudential supervision of asset managers and trustees. 

To this end, the association highlights its close relationship with its members, whose activities, skills and experience (particularly in legal matters) it knows inside out, as well as its pragmatism and unfailing adaptability!

SO-FIT makes it a point of honour to keep its members and contributors regularly informed, and publishes all the latest news about the association’s activities on its website.

Email: [email protected]

Telephone: +41 (0)22 700 73 20

Address: 2 Rue Pedro-Meylan, 1208 Geneva, Switzerland