Login
Contact Sales
Login
CONTACT SALES

Understanding AML Compliance in Switzerland

Key Regulations, Authorities, and Compliance Strategies in Switzerland’s Financial Sector. Discover the essential elements of Switzerland’s AML framework, including major regulations and the roles of regulatory bodies.

How AML Regulations are Handled in Switzerland

Switzerland’s AML framework is established through several key legal documents, including a federal act and ordinances. The key components are:

Anti-Money Laundering Act (AMLA):  This federal act applies to financial intermediaries and outlines the responsibilities for combating money laundering and terrorist financing, emphasizing due diligence in financial transactions​​.

Anti-Money Laundering Ordinance: This ordinance details the requirements for professional financial intermediation practice, including due diligence obligations and reporting duties​​.

FINMA Anti-Money Laundering Ordinance (AMLO-FINMA): Issued by the Swiss Financial Market Supervisory Authority (FINMA), this ordinance specifies how financial intermediaries should fulfill their obligations to prevent money laundering and terrorist financing​​​​.

For more information on these laws and their implementation, you can visit the FINMA website.

Industries Impacted by AML Regulations

In Switzerland, AML regulations apply to a diverse range of sectors. Key financial entities such as banks, investment firms, and insurance companies are covered. Non-financial businesses and professions, including real estate agents, accountants, and legal service providers, also fall under these regulations, ensuring comprehensive oversight and management of money laundering and terrorist financing risks across different industries.

Compliance Requirements for Businesses

Swiss businesses, within and outside the financial sector, are required to implement a risk-based AML program. This includes customer identification, extensive due diligence, and ongoing monitoring of transactions. Firms must also keep precise records, report any suspicious activities, and maintain strong internal controls. Regular AML training for employees is essential for effective risk management related to money laundering and terrorist financing.

Who do AML regulations apply to?

In Switzerland, AML regulations apply to a broad range of businesses including:

Credit Unions

Financial Services

Fintech

Real Estate

Accounting Firms

Legal

Crypto

Insurance

Mortgages

Community Banks

Tokenization

General Industries

What Business Need for AML Compliance

For AML compliance in Switzerland, businesses need to:
Risk Assessment: Swiss businesses must regularly assess risks of money laundering and terrorist financing pertinent to their operations.
AML Policies and Procedures: Develop and implement AML policies and internal controls aligned with the business’s risk profile and Swiss regulatory standards.
Customer Due Diligence (CDD): Establish processes for accurate customer identification and verification, and understanding of their business activities.
Enhanced Due Diligence (EDD): Apply extra scrutiny to high-risk customers, including PEPs and individuals from high-risk countries.
Monitoring and Reporting: Continuously monitor transactions for suspicious activities and report these to Swiss authorities.
Record Keeping: Maintain detailed records as required by Swiss law.
Training: Provide regular AML training to employees

Implementing an Effective AML Program in Switzerland

Organizations in Switzerland can implement an effective AML program by:
Conducting a Risk Assessment: Evaluating money laundering and terrorist financing risks related to their activities and sectors.
Developing Policies and Procedures: Establishing comprehensive policies and procedures for identified risks, including customer due diligence and transaction monitoring.
Designating a Compliance Officer: Appointing an experienced officer to oversee the AML program and ensure compliance with Swiss regulatory standards.
Providing Regular AML Training: Offering ongoing training to employees on AML regulations and detection and reporting methods
Performing Consistent Reviews and Updates: Continuously updating the AML program to align with changes in legislation and best practices.
These steps are essential for Swiss organizations to fulfill their AML responsibilities and safeguard against financial crimes.

Reporting Requirements in Switzerland

In Switzerland, firms must adhere to specific AML reporting requirements:
Suspicious Activity Reports (SARs): Businesses must file SARs with Switzerland’s Money Laundering Reporting Office (MROS) when they suspect money laundering or terrorist financing activities.
Currency Transaction Reports (CTRs): Swiss regulations require the reporting of large transactions, particularly those involving cash or other assets, which may appear suspicious.
Record Keeping: Swiss AML laws require firms to maintain comprehensive records of customer transactions and due diligence efforts for a legally defined period.

For more information on Switzerland’s AML reporting requirements, refer to the Swiss Financial Market Supervisory Authority (FINMA) and Money Laundering Reporting Office Switzerland (MROS) websites.

AML Regulators in Switzerland

In Switzerland, the main regulatory bodies for AML activities are:

Swiss Financial Market Supervisory Authority (FINMA): FINMA is responsible for ensuring AML compliance within the financial sector. It adopts a risk-based approach and possesses extensive supervisory and investigatory powers.

Money Laundering Reporting Office Switzerland (MROS): As part of the Federal Office of Police, MROS plays a pivotal role in analyzing and processing Suspicious Transaction Reports (STRs) and coordinates with both national and international authorities in combating money laundering and terrorist financing.

These entities collectively uphold AML standards and address financial crimes in Switzerland.

Need up-to-date news about regulations and
enforcement actions?

Subscribe to regwatch

iComplyKYC™ Modules

AML Risk Screening

Comprehensive screening for Adverse Media, PEPs, and Sanctions

Learn More

Corporate Onboarding

Streamlined, efficient onboarding for legal entities

Learn More

Document Verification

Robust verification of key documents

Learn More

Biometrics & Liveness

Advanced biometric and liveness verification for enhanced security

Learn More

Identity Verification

Comprehensive and reliable identity verification process

Learn More

How iComply helps Canadian
businesses stay compliant

Compliance

Stay compliant with KYC and AML regulations in 249 jurisdictions, reducing the risk of fines and reputational damage while prioritizing transparency, privacy, and trust for your stakeholders.

Efficiency

Streamline KYC processes and enhance operations while maintaining compliance—be part of building a trusted, secure digital ecosystem empowering people, businesses, and communities.

Customer

Deliver a superior customer experience through frictionless onboarding, clear communication, and enhanced security based on iComply’s core values of trust, accountability, and privacy.

Discover the Power of iComplyKYC™’s software

Ready to take advantage of our complete KYC and AML solution for banking? Contact us today to schedule a demo and learn more about how iComplyKYC™  can help your business stay compliant and secure.

Book a Demo
Vaidyanathan Chandrashekhar

Vaidyanathan Chandrashekhar

Advisors

“Chandy,” is a technology and risk expert with executive experience at Boston Consulting Group, Citi, and PwC. With over two decades in financial services, digital transformation, and enterprise risk, he advises iComply on scalable compliance infrastructure for global markets.
Thomas Linder

Thomas Linder

Advisors

Thomas is a global tax and compliance expert with deep specialization in digital assets, blockchain, and tokenization. As a partner at MME Legal | Tax | Compliance, he advises iComply on regulatory strategy, cross-border compliance, and digital finance innovation.
Thomas Hardjono

Thomas Hardjono

Advisors

Thomas is a renowned identity and cybersecurity expert, serving as CTO of Connection Science at MIT. With deep expertise in decentralized identity, zero trust, and secure data exchange, he advises iComply on cutting-edge technology and privacy-first compliance architecture.
Rodney Dobson

Rodney Dobson

Advisors

Rodney is the former President of ADP Canada and international executive with over two decades of leadership in global HR and enterprise technology. He advises iComply with deep expertise in international service delivery, M&A, and scaling high-growth operations across regulated markets.
Praveen Mandal

Praveen Mandal

Advisors

Praveen is a serial entrepreneur and technology innovator, known for leadership roles at Lucent Bell Labs, ChargePoint, and the Stanford Linear Accelerator. He advises iComply on advanced computing, scalable infrastructure, and the intersection of AI, energy, and compliance tech.
Paul Childerhose

Paul Childerhose

Advisors

Paul is a Canadian RegTech leader and founder of Maple Peak Group, with extensive experience in financial services compliance, AML, and digital transformation. He advises iComply on regulatory alignment, operational strategy, and scaling compliance programs in complex markets.
John Engle

John Engle

Advisors

John is a seasoned business executive with senior leadership experience at CIBC, UBS, and Accenture. With deep expertise in investment banking, private equity, and digital transformation, he advises iComply on strategic growth, partnerships, and global market expansion.
Jeff Bandman

Jeff Bandman

Advisors

Jeff is a former CFTC official and globally recognized expert in financial regulation, fintech, and digital assets. As founder of Bandman Advisors, he brings deep insight into regulatory policy, market infrastructure, and innovation to guide iComply’s global compliance strategy.
Greg Pearlman

Greg Pearlman

Advisors

Greg is a seasoned investment banker with over 35 years of experience, including leadership roles at BMO Capital Markets, Morgan Stanley, and Citigroup. Greg brings deep expertise in financial strategy and growth to support iComply's expansion in the RegTech sector.
Deven Sharma

Deven Sharma

Advisors

Deven is the former President of S&P and a globally respected authority in risk, data, and capital markets. With decades of leadership across financial services and tech, he advises iComply on strategic growth, governance, and the future of trusted data in AML compliance.