Few pieces of legislation are causing as much uncertainty among Swiss fiduciaries and advisory firms right now as the revision of the Anti-Money Laundering Act (AMLA, "GwG" in German). Who is newly covered? What due diligence duties apply? And what happens if you miss the deadlines?
The revision widens the scope of activities subject to the law and tightens due diligence and reporting duties for advisors, fiduciaries, and other non-financial-sector service providers. For many SME service providers, this means: checking whether your own activity is now covered, updating internal processes, and training staff.
Questions we're hearing regularly from fiduciaries:
Does my activity now fall under AMLA due diligence duties?
What are the implementation deadlines?
What do I now need to document when identifying clients?
What sanctions apply if I don't comply?
The answers depend heavily on the specific activity and client structure involved. A generic answer falls short here.
Does every fiduciary firm now need to join a Self-Regulatory Organization (SRO)? It depends on the type of services offered. Not every activity is automatically covered.
When do the new duties take effect? Transition deadlines differ by provision. A reliable, current answer depends on the specific date of the inquiry.
What happens if I don't implement the duties in time? Regulatory consequences can follow, up to and including fines. Early review is worthwhile.