Anti-Financial Crime & Financial Crime Compliance
Regulatory Intelligence Leadership | Insight | Network

AML, Compliance, Financial Crime, Financial Services, Regulatory

ANALYSIS: Switzerland drafts new AML laws targeting lawyers, advisors and trusts as it relents in face of sustained fincrime criticism

UNDER PRESSURE TO REFORM: “A robust system to protect against financial crime is essential to the reputation and lasting success of an internationally significant, secure and forward-looking financial centre,” said finance minister Karin Keller-Sutter, pictured, announcing AML reforms today (Wed).

By AMLi Correspondent in Zurich

SWITZERLAND today (Wednesday) said it had drafted new rules to tighten gaping cracks in its money laundering regulations.

The move comes amid sustained criticism – led by AML Intelligence – of the financial hub’s weak AFC regime.

If the new rules are accepted, lawyers, accountants and other company consultants who set up trusts, or holding companies, or arrange real estate deals, will also become subject to due diligence rules and reporting obligations.

The government also detailed its plans to create a central registry to track who actually owns legal entities in a move to fight money-laundering via shell companies, first floated last October.

The new register, to be held at the Federal Department of

AML Intelligence
Subscribe now to have unlimited access

With our subscription, you will have unlimited access to the AML Intelligence site, updated daily with the latest analysis, opinion, and breaking news across the sector, newsletter delivered twice per week, access to our Global Bank Fines & Penalties database, free access to Boardroom Series and more!