type: legislation

jurisdiction: Switzerland

text: 955.0English is not an official language of the Swiss Confederation. This translation is provided for information purposes only and has no legal force.Federal Acton Combating Money Laundering andTerrorist Financing(Anti-Money Laundering Act, AMLA)1of 10 October 1997 (Status as of 1 January 2022)1 Amended by No I 7 of the FA of 12 Dec. 2014 on the Implementation of the 2012 revision of the Recommendations of the Financial Action Task Force, in force since 1 Jan. 2016 (AS 2015 1389; BBl 2014 605).The Federal Assembly of the Swiss Confederation,based on Articles 95 and 98 of the Federal Constitution2,3and having considered the Federal Council Dispatch dated 17 June 19964,decrees:2 SR 1013 Amended by No I of the FA of 21 June 2013, in force since 1 Nov. 2013  (AS 2013 3493; BBl 2012 6941).4 BBl 1996 III 1101Chapter 1 General Provisions  Art. 15 Subject matter  This Act regulates the combating of money laundering as defined in Article 305bis of the Swiss Criminal Code6 (SCC), the combating of terrorist financing as defined in Article 260quinquies paragraph 1 SCC, and the due diligence required in financial transactions.5 Amended by No I 4 of the FA of 3 Oct. 2008 on the Implementation of the revised Recommendations of the Financial Action Task Force, in force since 1 Feb. 2009  (AS 2009 361; BBl 2007 6269).6 SR 311.0Art. 2 Scope of application  1 This Act applies to: a. financial intermediaries;b. natural persons and legal entities that deal in goods commercially and in doing so accept cash (dealers).72 Financial intermediaries are:a.8 banks as defined in Article 1a of the Banking Act of 8 November 19349 (BankA) and the persons defined in Article 1b BankA;abis.10 portfolio managers and trustees as defined in Article 2 paragraph 1 letters a and b of the Financial Institutions Act of 15 June 201811 (FinIA), and trade assayers as defined in Article 42bis of the Precious Metals Control Act of 20 June 193312;b.13 fund management companies as defined in Article 2 paragraph 1 letter d FinIA;bbis.14 investment companies with variable capital, limited partnerships for collective investment and investment companies with fixed capital in accordance with the Collective Investment Schemes Act of 23 June 200615, as well as the managers of collective assets in accordance with Article 2 paragraph 1 letter c FinIA;c.16 insurance institutions as defined in the Insurance Supervision Act of 17 December 200417 that deal in direct life insurance or offer or distribute shares in collective investment schemes;d.18 securities firms in accordance with Article 2 paragraph 1 letter e FinIA;dbis.19 central counterparties and central securities depositories in accordance with the Financial Market Infrastructure Act of 19 June 201520 (FinMIA);dter.21 payment systems that require authorisation from the Swiss Financial Market Supervisory Authority (FINMA) in accordance with Article 4 paragraph 2 FinMIA;dquater.22 trading facilities for DLT securities in accordance with Article 73a FinMIA (DLT trading facilities);e.23 casinos as defined in the Gambling Act of 29 September 201724 (GamblA);f.25 promoters of large-scale games under the GamblA.3 Financial intermediaries are also persons who on a professional basis accept or hold on deposit assets belonging to others or who assist in the investment or transfer of such assets; they include in particular persons who:a. carry out credit transactions (in particular in relation to consumer loans or mortgages, factoring, commercial financing or financial leasing);b. provide services related to payment transactions, in particular by carrying out electronic transfers on behalf of other persons, or who issue or manage means of payment such as credit cards and travellers’ cheques;c. trade for their own account or for the account of others in banknotes and coins, money market instruments, foreign exchange, precious metals, commodities and securities (stocks and shares and value rights) as well as their derivatives;d.26 ...e.27 ...f. make investments as investment advisers;g. hold securities on deposit or manage securities.4 This Act does not apply to:a. the Swiss National Bank;b. tax-exempt occupational pension institutions;c. persons who provide their services solely to tax-exempt occupational pension institutions;d. financial intermediaries within the meaning of paragraph 3 who provide their services solely to financial intermediaries within the meaning of paragraph 2 or to foreign financial intermediaries who are subject to equivalent supervision.7 Amended by No I 7 of the FA of 12 Dec. 2014 on the Implementation of the 2012  revision of the Recommendations of the Financial Action Task Force, in force since  1 Jan. 2016 (AS 2015 1389; BBl 2014 605).8 Amended by Annex No II 15 des Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2019 (AS 2018 5247; BBl 2015 8901).9 SR 952.010 Inserted by Annex No II 15 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).11 SR 954.112 SR 941.3113 Amended by Annex No II 15 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).14 Inserted by Annex No II 9 des Collective Investment Schemes Act of 23 June 2006  (AS 2006 5379; BBl 2005 6395). Amended by Annex No II 15 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631;  BBl 2015 8901).15 SR 951.3116 Amended by Annex No II 9 of the Collective Investment Schemes Act of 23 June 2006, in force since 1 Jan. 2007 (AS 2006 5379; BBl 2005 6395).17 SR 961.0118 Amended by Annex No II 15 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).19 Inserted by Annex No 12 of the Financial Market Infrastructure Act of 19 June 2015  (AS 2015 5339; BBl 2014 7483). Amended by No I 8 of the FA of 25 Sept. 2020 on the Adaptation of Federal Law to Developments in Distributed Ledger Technology, in force since 1 Aug. 2021 (AS 2021 33, 399; BBl 2020 233).20 SR 958.121 Inserted by Annex No 12 of the Financial Market Infrastructure Act of 19 June 2015  (AS 2015 5339; BBl 2014 7483). Amended by No I 8 of the FA of 25 Sept. 2020 on the Adaptation of Federal Law to Developments in Distributed Ledger Technology, in force since 1 Aug. 2021 (AS 2021 33, 399; BBl 2020 233).22 Inserted by No I 8 of the FA of 25 Sept. 2020 on the Adaptation of Federal Law to Developments in Distributed Ledger Technology, in force since 1 Aug. 2021  (AS 2021 33, 399; BBl 2020 233).23 Inserted by Annex No 4 of the Gambling Act of 18 Dec. 1998  (AS 2000 677; BBl 1997 III 145). Amended by Annex No II 8 of the Gambling Act of 29 Sept. 2017, in force since 1 Jan. 2019 (AS 2018 5103; BBl 2015 8387).24 SR 935.5125 Inserted by Annex No II 8 of the Gambling Act of 29 Sept. 2017, in force since  1 Jan. 2019 (AS 2018 5103; BBl 2015 8387).26 Repealed by Annex No II 8 of the Insurance Supervision Act of 17 Dec. 2004, with effect from 1 Jan. 2006 (AS 2005 5269; BBl 2003 3789).27 Repealed by Annex No II 15 of the Financial Institutions Act of 15 June 2018, with effect from 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).Art. 2a28 Definitions  1 Politically exposed persons in terms of this Act are:a. individuals who are or have been entrusted with prominent public functions by a foreign country, such as heads of state or of government, senior politicians at national level, senior government, judicial, military or political party officials at national level, and senior executives of state-owned corporations of national significance (foreign politically exposed persons);b. individuals who are or have been entrusted with prominent public functions at national level in Switzerland in politics, government, the armed forces or the judiciary, or who are or have been senior executives of state-owned corporations of national significance (domestic politically exposed persons);c. individuals who are or have been entrusted with a prominent function by an intergovernmental organisation or international sports federations, such as secretaries general, directors, deputy directors and members of the board or individuals who have been entrusted with equivalent functions, (politically exposed persons in international organisations)2 The family members and close associates of politically exposed persons are individuals who are closely connected to persons under paragraph 1 either through their family or for social or professional reasons.3 The beneficial owners of an operating legal entity are the natural persons who ultimately control the legal entity in that they directly or indirectly, alone or in concert with third parties, hold at least 25 per cent of the capital or voting rights in the legal entity or otherwise control it. If the beneficial owners cannot be identified, the most senior member of the legal entity’s executive body must be identified.4 Domestic politically exposed persons are no longer regarded as being politically exposed in terms of this Act when 18 months have elapsed since they relinquished their position. The general duties of due diligence for financial intermediaries are reserved.5 An international sports federation in terms of paragraph 1 letter c is the International Olympic Committee and the non-governmental organisations that it recognised that regulate one or more official sports at global level.28 Inserted by No I 7 of the FA of 12 Dec. 2014 on the Implementation of the 2012 revision of the Recommendations of the Financial Action Task Force, in force since 1 Jan. 2016 (AS 2015 1389; BBl 2014 605).Chapter 2  Duties29 29 Amended by No I 7 of the FA of 12 Dec. 2014 on the Implementation of the 2012 revision of the Recommendations of the Financial Action Task Force, in force since  1 Jan. 2016 (AS 2015 1389; BBl 2014 605). Section 1  Financial Intermediaries Duty of Due Diligence30 30 Amended by No I 7 of the FA of 12 Dec. 2014 on the Implementation of the 2012 revision of the Recommendations of the Financial Action Task Force, in force since  1 Jan. 2016 (AS 2015 1389; BBl 2014 605). Art. 3 Verification of the identity of the customer  1 When establishing a business relationship, the financial intermediary must verify the identity of the customer on the basis of a document of evidentiary value. Where the customer is a legal entity, the financial intermediary must acknowledge the provisions regulating the power to bind the legal entity, and verify the identity of the persons who enter into the business relationship on behalf of the legal entity.312 In the case of cash transactions with a customer whose identity has not yet been identified, the duty to verify identity applies only if one transaction, or two or more transactions that appear to be connected, involve a considerable financial value.3 Insurance institutions must verify the identity of the customer if the amount of a single premium, the regular premium or the total of the premiums involves a considerable financial value.4 If in cases under paragraphs 2 or 3 there is any suspicion of money laundering or terrorist financing, the identity of the customer must be verified even if the relevant amounts have not been reached.325 FINMA, the Federal Gaming Board (FGB), the Federal Department of Justice and Police (FDJP), the Federal Customs Administration (FCA)33 and the self-regulatory organisations shall determine what constitutes a considerable financial value within the meaning of paragraphs 2 and 3 in their respective fields and adjust such values as required.3431 Second sentence inserted by No I 4 of the FA of 3 Oct. 2008 on the Implementation of the revised Recommendations of the Financial Action Task Force, in force since  1 Feb. 2009 (AS 2009 361; BBl 2007 6269).32 Amended by No I 4 of the FA of 3 Oct. 2008 on the Implementation of the revised Recommendations of the Financial Action Task Force, in force since 1 Feb. 2009  (AS 2009 361; BBl 2007 6269).33 Now the Federal Office for Customs and Border Security (FOCBS).34 Amended by No I 8 of the FA of 25 Sept. 2020 on the Adaptation of Federal Law to Developments in Distributed Ledger Technology, in force since 1 Aug. 2021  (AS 2021 33, 399; BBl 2020 233).Art. 435 Establishing the identity of the beneficial owner  1 The financial intermediary must identify the beneficial owner with the due diligence required in the circumstances. If the customer is a listed company or a subsidiary over which a listed company has majority control, the identity of the beneficial owner need not be established.2 The financial intermediary must obtain a written declaration from the customer as to the identity of the individual who is the beneficial owner if:a. the customer is not the beneficial owner or if there is any doubt about the matter;b. the customer is a domiciliary company or an operating legal entity; orc. a cash transaction of considerable financial value in terms of Article 3 paragraph 2 is being carried out.3 In the case of collective accounts or collective deposits, the financial intermediary must require the customer to provide a complete list of the beneficial owners and to give notice of any change to the list immediately. 35 Amended by No I 7 of the FA of 12 Dec. 2014 on the Implementation of the 2012 revision of the Recommendations of the Financial Action Task Force, in force since  1 Jan. 2016 (AS 2015 1389; BBl 2014 605).Art. 5 Repetition of the verification of the identity of the customer or the establishment of the identity of the beneficial owner  1 If doubt arises in the course of the business relationship as to the identity of the customer or of the beneficial owner, the verification of identity or establishment of identity in terms of Articles 3 and 4 respectively must be repeated.2 In the case of an insurance policy that may be surrendered, the insurance institution must also re-establish the identity of the beneficial owner if, in the event of a claim or the surrender of the policy, the person entitled to benefit is not the same person identified at the time that the insurance contract was concluded.Art. 636 Special duties of due diligence  1 The financial intermediary is required to ascertain the nature and purpose of the business relationship wanted by the customer. The extent of the information that must be obtained, the hierarchical level at which the decision to enter into or continue a business relationship must be taken and the regularity of checks are determined by the risk represented by the customer.2 The financial intermediary must clarify the economic background and the purpose of a transaction or of a business relationship if:a. the transaction or the business relationship appears unusual, unless its legality is clear;b.37 there are indications that assets are the proceeds of a felony or an aggravated tax misdemeanour under Article 305bis number 1bis SCC38 or are subject to the power of disposal of a criminal or terrorist organisation (Art. 260ter SCC) or serve the financing of terrorism (Art. 260quinquies para. 1 SCC);c. the transaction or the business relationship carries a higher risk;d.39 the data on a customer, a beneficial owner or an authorised signatory in a business relationship or transaction are identical or very similar to the data provided to the financial intermediary by FINMA under Article 22a paragraph 2 letter a, by a supervisory organisation under Article 22a paragraph 2 letter b, by a self-regulatory organisation under Article 22a paragraph 2 letter c, or by the FGB40 under Article 22a paragraph 3.3 Business relationships with foreign politically exposed persons and their family members or close associates in terms of Article 2a paragraph 2 are deemed in every case to be business relationships with a higher risk.4 Business relationships with domestic politically exposed persons and politically exposed persons in international organisations and their family members or close associates in terms of Article 2a paragraph 2 are deemed when combined with one or more further risk criteria to be business relationships with a higher risk.36 Amended by No I 7 of the FA of 12 Dec. 2014 on the Implementation of the 2012 revision of the Recommendations of the Financial Action Task Force, in force since  1 Jan. 2016 (AS 2015 1389; BBl 2014 605).37 Amended by Annex No II 6 of the FedD of 25 Sept. 2020 on the Approval and Implementation of the Council of Europe Convention on the Prevention of Terrorism and its Additional Protocol and the Strengthening of Criminal Justice Instruments for combating  Terrorism and Organised Crime, in force since 1 July 2021 (AS 2021 360; BBl 2018 6427).38 SR 311.039 Amended by Annex No II 15 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).40 Name corrected by the Federal Assembly Drafting Committee on 31 Jan. 2020, published on 18 Feb. 2020 (AS 2020 501). This modification has been made in the provisions mentioned in the ASArt. 7 Duty to keep records  1 The financial intermediary must keep records of transactions carried out and of clarifications required under this Act in such a manner that other specially qualified persons are able to make a reliable assessment of the transactions and business relationships and of compliance with the provisions of this Act.2 The financial intermediary must retain the records in such a manner as to be able to respond within a reasonable time to any requests made by the prosecution authorities for information or for the seizure of assets.3 After the termination of the business relationship or after completion of the transaction, the financial intermediary must retain the records for a minimum of ten years.Art. 7a41 Assets of low value  The financial intermediary may dispense with complying with the duties of due diligence (Art. 3–7) if the business relationship only involves assets of low value and there is no suspicion of money laundering or terrorist financing.41 Inserted by No I 4 of the FA of 3 Oct. 2008 on the Implementation of the revised Recommendations of the Financial Action Task Force, in force since 1 Feb. 2009 (AS 2009 361; BBl 2007 6269).Art. 8 Organisational measures  Financial intermediaries must take the measures that are required to prevent money laundering and terrorist financing in their field of business.42 They must in particular ensure that their staff receive adequate training and that checks are carried out.42 Amended by No I 4 of the FA of 3 Oct. 2008 on the Implementation of the revised Recommendations of the Financial Action Task Force, in force since 1 Feb. 2009 (AS 2009 361; BBl 2007 6269).Section 1a43  Dealers’ Duties of Due Diligence  43 Inserted by No I 7 of the FA of 12 Dec. 2014 on the Implementation of the 2012 revision of the Recommendations of the Financial Action Task Force, in force since 1 Jan. 2016 (AS 2015 1389; BBl 2014 605). Art. 8a 1 Dealers under Article 2 paragraph 1 letter b must fulfil the following duties if they accept more than 100,000 francs in cash in the course of a commercial transaction:a. verification of the identity of the customer (Art. 3 para. 1);b. establishing the identity of the beneficial owner (Art. 4 para. 1 and 2 let. a and b);c. duty to keep records (Art. 7).2 They must clarify the economic background and purpose of a transaction if:a. it appears unusual, unless its legality is clear;b.44 there are indications that assets are the proceeds of a felony or an aggravated tax misdemeanour under Article 305bis number 1bis SCC45 or are subject to the power of disposal of a criminal or terrorist organisation (Art. 260ter SCC) or serve the financing of terrorism (Art. 260quinquies para. 1 SCC).3 Dealers are subject to the duties under paragraphs 1 and 2 even if the cash payment is made in two or more instalments and the individual instalments are less than 100,000 francs, but when added together exceed this amount.4 They are not subject to the duties if the payments that exceed 100,000 francs are made through a financial intermediary.5 The Federal Council shall specify the details of the duties under paragraphs 1 and 2 and stipulate how they are to be fulfilled.44 Amended by Annex No II 6 of the FedD of 25 Sept. 2020 on the Approval and Implementation of the Council of Europe Convention on the Prevention of Terrorism and its Additional Protocol and the Strengthening of Criminal Justice Instruments for combating  Terrorism and Organised Crime, in force since 1 July 2021 (AS 2021 360; BBl 2018 6427).45 SR 311.0Section 2  Duties in the Event of a Suspicion of Money Laundering  Art. 9 Duty to report  1 A financial intermediary must immediately file a report with the Money Laundering Reporting Office Switzerland (the Reporting Office) as defined in Article 23 if it:a. knows or has reasonable grounds to suspect that assets involved in the business relationship: 1.46 are connected to an offence in terms of Article 260ter or 305bis SCC47, 2.48 are the proceeds of a felony or an aggravated tax misdemeanour under Article 305bis number 1bis SCC,3.49 are subject to the power of disposal of a criminal or terrorist organisation, or 4. serve the financing of terrorism (Art. 260quinquies para. 1 SCC);b. terminates negotiations aimed at establishing a business relationship because of a reasonable suspicion as defined in letter a;c.50 knows or has reason to assume based on the clarifications carried out under Article 6 paragraph 2 letter d that the data passed on by FINMA, the FGB, a supervisory organisation or a self-regulatory organisation relating to a person or organisation corresponds to the data of a customer, a beneficial owner or an authorised signatory in a business relationship or transaction.511bis A dealer must immediately file a report with the Reporting Office if it knows or has reasonable grounds to suspect that cash payments made in the course of a commercial transaction:a.52 are connected to an offence under Article 260ter or 305bis SCC;b. are the proceeds of a felony or an aggravated tax misdemeanour under Article 305bis number 1bis SCC;c.53 are subject to the power of disposal of a criminal organisation; or d.54 serve the financing of terrorism (Art. 260quinquies para. 1 SCC).551ter The name of the financial intermediary or dealer must appear in any report in accordance with paragraph 1. The identity of the financial intermediary’s or dealer’s staff who are in charge of the case may be made anonymous in the report, provided it is guaranteed that the Reporting Office and the competent prosecution authority are able to contact them without delay.562 Lawyers and notaries are not subject to the duty to report insofar as they are bound in their activities by professional secrecy in terms of Article 321 SCC.46 Amended by Annex No II 6 of the FedD of 25 Sept. 2020 on the Approval and Implementation of the Council of Europe Convention on the Prevention of Terrorism and its Additional Protocol and the Strengthening of Criminal Justice Instruments for combating  Terrorism and Organised Crime, in force since 1 July 2021 (AS 2021 360; BBl 2018 6427).47 SR 311.048 Amended by No I 7 of the FA of 12 Dec. 2014 on the Implementation of the 2012 revision of the Recommendations of the Financial Action Task Force, in force since  1 Jan. 2016 (AS 2015 1389; BBl 2014 605).49 Amended by Annex No II 6 of the FedD of 25 Sept. 2020 on the Approval and Implementation of the Council of Europe Convention on the Prevention of Terrorism and its Additional Protocol and the Strengthening of Criminal Justice Instruments for combating  Terrorism and Organised Crime, in force since 1 July 2021 (AS 2021 360; BBl 2018 6427).50 Inserted by No I 7 of the FA of 12 Dec. 2014 on the Implementation of the 2012 revision of the Recommendations of the Financial Action Task Force (AS 2015 1389; BBl 2014 605) Amended by Annex No II 15 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).51 Amended by No I 4 of the FA of 3 Oct. 2008 on the Implementation of the 2012 revision of the Recommendations of the Financial Action Task Force, in force since 1 Feb. 2009 (AS 2009 361; BBl 2007 6269).52 Amended by Annex No II 6 of the FedD of 25 Sept. 2020 on the Approval and Implementation of the Council of Europe Convention on the Prevention of Terrorism and its Additional Protocol and the Strengthening of Criminal Justice Instruments for combating  Terrorism and Organised Crime, in force since 1 July 2021 (AS 2021 360; BBl 2018 6427).53 Amended by Annex No II 6 of the FedD of 25 Sept. 2020 on the Approval and Implementation of the Council of Europe Convention on the Prevention of Terrorism and its Additional Protocol and the Strengthening of Criminal Justice Instruments for combating  Terrorism and Organised Crime, in force since 1 July 2021 (AS 2021 360; BBl 2018 6427).54 Inserted by Annex No II 6 of the FedD of 25 Sept. 2020 on the Approval and Implementation of the Council of Europe Convention on the Prevention of Terrorism and its Additional Protocol and the Strengthening of Criminal Justice Instruments for combating  Terrorism and Organised Crime, in force since 1 July 2021 (AS 2021 360; BBl 2018 6427).55 Inserted by No I 4 of the FA of 3 Oct. 2008 on the Implementation of the revised Recommendations of the Financial Action Task Force (AS 2009 361; BBl 2007 6269). Amended by No I 7 of the FA of 12 Dec. 2014 on the Implementation of the 2012 revision of the Recommendations of the Financial Action Task Force, in force since  1 Jan. 2016 (AS 2015 1389; BBl 2014 605).56 Inserted by No I 7 of the FA of 12 Dec. 2014 on the Implementation of the 2012 revision of the Recommendations of the Financial Action Task Force, in force since 1 Jan. 2016 (AS 2015 1389; BBl 2014 605).Art. 9a57 Customer orders relating to the reported assets  During the analysis conducted by the Reporting Office under Article 23 paragraph 2, the financial intermediary shall execute customer orders relating to the assets reported under Article 9 paragraph 1 letter a of this Act or under Article 305ter paragraph 2 SCC58.57 Inserted by No I 7 of the FA of 12 Dec. 2014 on the Implementation of the 2012 revision of the Recommendations of the Financial Action Task Force, in force since 1 Jan. 2016 (AS 2015 1389; BBl 2014 605).58 SR 311.0Art. 1059 Freezing of assets  1 The financial intermediary shall freeze the assets entrusted to it that are related to the report under Article 9 paragraph 1 letter a of this Act or under Article 305ter paragraph 2 SCC60 as soon as the Reporting Office informs it that it has forwarded the report to the prosecution authority.1bis It shall without delay freeze the assets entrusted to it that are related to the report under Article 9 paragraph 1 letter c.2 It shall continue to freeze the assets until it receives a ruling from the competent prosecution authority, but at most for five working days from the date on which the Reporting Office gives notice of forwarding the report under paragraph 1 or on which it filed the report with the Reporting Office under paragraph 1bis.59 Amended by No I 7 of the FA of 12 Dec. 2014 on the Implementation of the 2012 revision of the Recommendations of the Financial Action Task Force, in force since  1 Jan. 2016 (AS 2015 1389; BBl 2014 605).60 SR 311.0Art. 10a61 Prohibition of information  1 The financial intermediary is prohibited from informing the persons concerned or third parties that it has filed a report under Article 9 of this Act or under Article 305ter paragraph 2 SCC62. The self-regulatory organisation to which the financial intermediary is affiliated is not regarded as a third party. The same applies to FINMA and the FGB in relation to the financial intermediaries under their supervision.632 If the financial intermediary itself is unable to freeze the assets, it may inform the financial intermediary that is able to do so and which is subject to this Act.3 It may also inform another financial intermediary subject to this Act that a report has been submitted under Article 9, provided this is required in order to comply with duties under this Act and provided both financial intermediaries:64a. provide joint services for one customer in connection with the management of that customer's assets on the basis of a contractual agreement to cooperate; orb. are part of the same corporate group.4 The financial intermediary who has been informed on the basis of paragraph 2 or 3 is subject to the prohibition of information in paragraph 1.5 The dealer is prohibited from informing the persons concerned or third parties that it has filed a report under Article 9.656 The prohibition on providing information under paragraphs 1 and 5 does not apply to protecting personal interests in the context of a civil action or criminal or administrative proceedings.6661 Inserted by No I 4 of the FA of 3 Oct. 2008 on the Implementation of the revised Recommendations of the Financial Action Task Force, in force since 1 Feb. 2009 (AS 2009 361; BBl 2007 6269).62 SR 311.063 Amended by No I 7 of the FA of 12 Dec. 2014 on the Implementation of the 2012 revision of the Recommendations of the Financial Action Task Force, in force since  1 Jan. 2016 (AS 2015 1389; BBl 2014 605).64 Amended by No I 7 of the FA of 12 Dec. 2014 on the Implementation of the 2012 revision of the Recommendations of the Financial Action Task Force, in force since  1 Jan. 2016 (AS 2015 1389; BBl 2014 605).65 Inserted by No I 7 of the FA of 12 Dec. 2014 on the Implementation of the 2012 revision of the Recommendations of the Financial Action Task Force, in force since 1 Jan. 2016 (AS 2015 1389; BBl 2014 605).66 Inserted by No I 7 of the FA of 12 Dec. 2014 on the Implementation of the 2012 revision of the Recommendations of the Financial Action Task Force, in force since 1 Jan. 2016 (AS 2015 1389; BBl 2014 605).Art. 1167 Exclusion of criminal and civil liability  1 Any person who in good faith files a report under Article 9 of this Act or who freezes assets in accordance with Article 10 may not be prosecuted for a breach of official, profession or trade secrecy or be held liable for breach of contract.2 This exclusion of prosecution and liability also applies to financial intermediaries that file a report under Article 305ter paragraph 2 SCC68 or to self-regulatory organisations that file a report under Article 27 paragraph 4.67 Amended by No I 4 of the FA of 3 Oct. 2008 on the Implementation of the revised Recommendations of the Financial Action Task Force, in force since 1 Feb. 2009  (AS 2009 361; BBl 2007 6269).68 SR 311.0Section 369  Provision of Information 69 Inserted by No I of the FA of 21 June 2013, in force since 1 Nov. 2013  (AS 2013 3493; BBl 2012 6941). Art. 11a 1 If the Reporting Office requires additional information in order to analyse a report that it has received in accordance with Article 9 of this Act or Article 305ter paragraph 2 SCC70, the financial intermediary making the report must on request provide such information that is in its possession.2 If, based on this analysis, it becomes apparent that in addition to the financial intermediary making the report, other financial intermediaries are or were involved in a transaction or business relationship, the financial intermediaries involved must on request provide the Reporting Office with all related information that is in their possession.2bis If, on the basis of the analysis of information from a foreign reporting office, it becomes apparent that financial intermediaries subject to this Act are or have been involved in a transaction or business relationship in connection with this information, the financial intermediaries involved must, on request, disclose to MROS all related information to the extent that it is available to them.713 The Reporting Office shall specify a deadline for the provision of information by the financial intermediaries concerned under paragraphs 1–2bis.724 The financial intermediaries are subject to the prohibition of information under Article 10a paragraph 1.5 The exclusion of criminal and civil liability under Article 11 applies by analogy.70 SR 311.071 Inserted by Annex No II 6 of the FedD of 25 Sept. 2020 on the Approval and Implementation of the Council of Europe Convention on the Prevention of Terrorism and its Additional Protocol and the Strengthening of Criminal Justice Instruments for combating  Terrorism and Organised Crime, in force since 1 July 2021  (AS 2021 360; BBl 2018 6427).72 Amended by Annex No II 6 of the FedD of 25 Sept. 2020 on the Approval and Implementation of the Council of Europe Convention on the Prevention of Terrorism and its Additional Protocol and the Strengthening of Criminal Justice Instruments for combating  Terrorism and Organised Crime, in force since 1 July 2021  (AS 2021 360; BBl 2018 6427).Chapter 3  Supervision  Section 1  General Provisions  Art. 1273 Responsibility  The following bodies shall supervise compliance by financial intermediaries with the duties set out in Chapter 2:74a.75 for financial intermediaries under Article 2 paragraph 2 letters a to dquater, FINMA;b.76 for financial intermediaries under Article 2 paragraph 2 letter e, the FGB;bbis.77 under Article 2 paragraph 2 letter f: the Intercantonal Supervisory and Executive Authority under Article 105 GamblA78;c.79 for financial intermediaries under Article 2 paragraph 3, the recognised self-regulatory organisations (Art. 24).73 Amended by Annex No 17 of the Financial Market Supervision Act of 22 June 2007, in force since 1 Jan. 2009 (AS 2008 5207; BBl 2006 2829).74 Amended by Annex No II 15 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).75 Amended by No I 8 of the FA of 25 Sept. 2020 on the Adaptation of Federal Law to Developments in Distributed Ledger Technology, in force since 1 Aug. 2021  (AS 2021 33, 399; BBl 2020 233).76 Amended by Annex No II 8 of the Gambling Act of 29 Sept. 2017, in force since  1 Jan. 2019 (AS 2018 5103; BBl 2015 8387).77 Inserted by Annex No II 8 of the Gambling Act of 29 Sept. 2017, in force since  1 Jan. 2019 (AS 2018 5103; BBl 2015 8387).78 SR 935.5179 Amended by Annex No II 15 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).Art. 1380 80 Repealed by Annex No 17 of the Financial Market Supervision Act of 22 June 2007, with effect from 1 Jan. 2009 (AS 2008 5207; BBl 2006 2829).Art. 1481 Licensing and affiliation requirement  1 Financial intermediaries within the meaning of Article 2 paragraph 3 must be affiliated to a self-regulatory organisation.2 A financial intermediary within the meaning of Article 2 paragraph 3 is entitled to affiliate to a self-regulatory organisation if:a. the financial intermediary guarantees compliance with its duties in accordance with this Act by means of its internal regulations and organisationb. the financial intermediary enjoys a good reputation and guarantees compliance with its duties in accordance with this Actc. the persons responsible for its administration and management also meet the requirements of letter b; andd. its qualified participants enjoy a good reputation and guarantee that their influence is not detrimental to prudent and sound business operations.3 The self-regulatory organisation may make affiliation conditional on the financial intermediary operating in specific sectors.81 Amended by Annex No II 15 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).Art. 1582 Dealers’ duty to verify  1 Dealers who must fulfil the duties of due diligence under Article 8a shall appoint an audit firm to verify that they are complying with their duties under Chapter Two.2 Auditors under Article 5 or audit firms under Article 6 of the Auditor Oversight Act of 16 December 200583 which have the required technical expertise and experience may be appointed as the audit firm.3 The dealers are obliged to provide the audit firm with all the information and documents required to conduct the audit.4 The audit firm shall verify compliance with the duties under this Act and prepare a report thereon for the attention of the responsible management bodies of the dealer audited.5 If a dealer fails to comply with its duty to report, the audit firm shall immediately file a report with the Reporting Office if it has reasonable grounds to suspect that:84a.85 an offence under Article 260ter or 305bis SCC86 has been committed;b.  assets are the proceeds of a felony or an aggravated tax misdemeanour under Article 305bis number 1bis SCC;c.87 assets are subject to the power of disposal of a criminal or terrorist organisation; ord.88 assets serve the financing of terrorism (Art. 260quinquies para. 1 SCC).82 Amended by No I 7 of the FA of 12 Dec. 2014 on the Implementation of the 2012 revision of the Recommendations of the Financial Action Task Force, in force since  1 Jan. 2016 (AS 2015 1389; BBl 2014 605). 83 SR 221.30284 Amended by Annex No II 6 of the FedD of 25 Sept. 2020 on the Approval and Implementation of the Council of Europe Convention on the Prevention of Terrorism and its Additional Protocol and the Strengthening of Criminal Justice Instruments for combating Terrorism and Organised Crime, in force since 1 July 2021  (AS 2021 360; BBl 2018 6427).85 Amended by Annex No II 6 of the FedD of 25 Sept. 2020 on the Approval and Implementation of the Council of Europe Convention on the Prevention of Terrorism and its Additional Protocol and the Strengthening of Criminal Justice Instruments for combating  Terrorism and Organised Crime, in force since 1 July 2021  (AS 2021 360; BBl 2018 6427).86 SR 311.087 Amended by Annex No II 6 of the FedD of 25 Sept. 2020 on the Approval and Implementation of the Council of Europe Convention on the Prevention of Terrorism and its Additional Protocol and the Strengthening of Criminal Justice Instruments for combating  Terrorism and Organised Crime, in force since 1 July 2021  (AS 2021 360; BBl 2018 6427).88 Inserted by Annex No II 6 of the FedD of 25 Sept. 2020 on the Approval and Implementation of the Council of Europe Convention on the Prevention of Terrorism and its Additional Protocol and the Strengthening of Criminal Justice Instruments for combating  Terrorism and Organised Crime, in force since 1 July 2021  (AS 2021 360; BBl 2018 6427).Section 289   Duty to Report of the Supervisory Authorities and the Supervisory Organisation90 89 Amended by Annex No 17 of the Financial Market Supervision Act of 22 June 2007, in force since 1 Jan. 2009 (AS 2008 5207; BBl 2006 2829).90 Amended by Annex No II 15 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901). Art. 16 1 FINMA, the FGB, the Intercantonal Supervisory and Executive Authority under Article 105 GamblA91 and the supervisory organisation in accordance with Article 43a of the Financial Market Supervision Act of 22 June 200792shall immediately submit a report to the Reporting Office if they have reasonable grounds to suspect that:93a.94 a criminal offence under Article 260ter, 305bis or 305ter SCC95 has been committed;b.96 assets are the proceeds of a felony or an aggravated tax misdemeanour under Article 305bis number 1bis SCC; c.97 assets are subject to the power of disposal of a criminal or terrorist organisation; ord.98 assets serve the financing of terrorism (Art. 260quinquies para. 1 SCC).2 This duty applies only if the financial intermediary or the self-regulatory organisation has not already submitted a report.3 The supervisory organisation shall submit a copy of the report to FINMA at the same time.9991 SR 935.5192 SR 956.193 Amended by Annex No II 15 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901). Corrected by the FA Drafting Committee on 31 Jan. 2020, published on 18 Feb. 2020 (AS 2020 501).94 Amended by Annex No II 6 of the FedD of 25 Sept. 2020 on the Approval and Implementation of the Council of Europe Convention on the Prevention of Terrorism and its Additional Protocol and the Strengthening of Criminal Justice Instruments for combating  Terrorism and Organised Crime, in force since 1 July 2021  (AS 2021 360; BBl 2018 6427).95 SR 311.096 Amended by No I 7 of the FA of 12 Dec. 2014 on the Implementation of the 2012 revision of the Recommendations of the Financial Action Task Force, in force since  1 Jan. 2016 (AS 2015 1389; BBl 2014 605).97 Amended by Annex No II 6 of the FedD of 25 Sept. 2020 on the Approval and Implementation of the Council of Europe Convention on the Prevention of Terrorism and its Additional Protocol and the Strengthening of Criminal Justice Instruments for combating  Terrorism and Organised Crime, in force since 1 July 2021 (AS 2021 360; BBl 2018 6427).98 Inserted by No I 4 of the FA of 3 Oct. 2008 on the Implementation of the revised Recommendations of the Financial Action Task Force, in force since 1 Feb. 2009 (AS 2009 361; BBl 2007 6269).99 Inserted by Annex No II 15 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).Section 3100  Supervision of Financial Intermediaries under Article 2 paragraph 2 100 Amended by Annex No 17 of the Financial Market Supervision Act of 22 June 2007, in force since 1 Jan. 2009 (AS 2008 5207; BBl 2006 2829).Art. 17101 In the absence of recognised self-regulation, the duties of due diligence defined in Chapter 2 and their fulfilment shall be regulated by:a.102 FINMA for financial intermediaries under Article 2 paragraph 2 letters a–dquater;b. the FGB for financial intermediaries under Article 2 paragraph 2 letter e;c.103 the FDJP for financial intermediaries under Article 2 paragraph 2 letter f.101 Amended by Annex No II 15 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901). Corrected by the Federal Assembly Drafting Committee on 24 Sept. 2019 (AS 2019 5065).102 Amended by No I 8 of the FA of 25 Sept. 2020 on the Adaptation of Federal Law to Developments in Distributed Ledger Technology, in force since 1 Aug. 2021  (AS 2021 33, 399; BBl 2020 233).103 Amended by No I 8 of the FA of 25 Sept. 2020 on the Adaptation of Federal Law to Developments in Distributed Ledger Technology, in force since 1 Aug. 2021  (AS 2021 33, 399; BBl 2020 233).Section 3a  Supervision of Financial Intermediaries under Article 2 paragraph 3104 104 Inserted by Annex No 17 of the Financial Market Supervision Act of 22 June 2007, in force since 1 Jan. 2009 (AS 2008 5207; BBl 2006 2829).Art. 18 Duties of FINMA105  1 FINMA shall have the following duties in terms of its supervision of the financial intermediaries under Article 2 paragraph 3:106a. it recognises the self-regulatory organisations or withdraws such recognition;b.107 it supervises the self-regulatory organisations;c. it approves the regulations issued by the self-regulatory organisations in accordance with Article 25 and any amendments thereto;d. it ensures that the self-regulatory organisations enforce their regulations;e. and f.108 ...2 ...1093 In order to preserve professional secrecy, self-regulatory organisations shall arrange for inspections under this Act (AMLA inspections) to be carried out on lawyers by lawyers and on notaries by notaries.1104 The lawyers and notaries instructed to carry out AMLA inspections must meet the following requirements:a. lawyer’s or notary’s practising certificate; b.  guarantee of that inspections will be carried out properly; c. proof of the relevant knowledge of AMLA, practical experience and continuing professional development; d.  independence from the member being checked.111105 Amended by Annex No 17 of the Financial Market Supervision Act of 22 June 2007, in force since 1 Jan. 2009 (AS 2008 5207; BBl 2006 2829).106 Amended by Annex No 17 of the Financial Market Supervision Act of 22 June 2007, in force since 1 Jan. 2009 (AS 2008 5207; BBl 2006 2829).107 Amended by Annex No II 15 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).108 Repealed by Annex No II 15 of the Financial Institutions Act of 15 June 2018, with effect from 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).109 Repealed by Annex No 7 of the FA of 20 June 2014 (Consolidation of Oversight of Audit Companies), with effect from 1 Jan. 2015 (AS 2014 4073; BBl 2013 6857).110 Amended by Annex No II 15 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).111 Inserted by Annex No 7 of the FA of 20 June 2014 (Consolidation of Oversight of Audit Companies), in force since 1 Jan. 2015 (AS 2014 4073; BBl 2013 6857).Art. 18a112 Public directory  1 FINMA shall maintain a directory of the financial intermediaries under Article 2 paragraph 3 that are affiliated to a self-regulatory organisation. This directory shall be publicly accessible online.2 FINMA shall make the data available via remote access.112 Inserted by Annex No 17 of the Financial Market Supervision Act of 22 June 2007, in force since 1 Jan. 2009 (AS 2008 5207; BBl 2006 2829).Art. 19113 113 Repealed by Annex No 17 of the Financial Market Supervision Act of 22 June 2007, with effect from 1 Jan. 2009 (AS 2008 5207; BBl 2006 2829).Art. 19a114 114 Inserted by Annex No 17 of the Financial Market Supervision Act of 22 June 2007 (AS 2008 5207; BBl 2006 2829). Repealed by Annex No II 15 of the Financial Institutions Act of 15 June 2018, with effect from 1 Jan. 2020  (AS 2018 5247, 2019 4631; BBl 2015 8901).Art. 19b115 115 Inserted by Annex No 17 of the Financial Market Supervision Act of 22 June 2007,  (AS 2008 5207; BBl 2006 2829). Repealed by Annex No 7 of the FA of 20 June 2014 (Consolidation of Oversight of Audit Companies), with effect from 1 Jan. 2015  (AS 2014 4073; BBl 2013 6857).Art. 20116 116 Repealed by Annex No II 15 of the Financial Institutions Act of 15 June 2018, with effect from 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).Art. 21 and 22117 117 Repealed by Annex No 17 of the Financial Market Supervision Act of 22 June 2007, with effect from 1 Jan. 2009 (AS 2008 5207; BBl 2006 2829).Section 3b118  Passing on Data on Terrorist Activities 118 Inserted by No I 7 of the FA of 12 Dec. 2014 on the Implementation of the 2012 revision of the Recommendations of the Financial Action Task Force, in force since 1 Jan. 2016 (AS 2015 1389; BBl 2014 605). Art. 22a 1 The Federal Department of Finance (FDF) shall pass on to FINMA and the FGB data that it has received from another State and which has been published by that State on persons and organisations that have been placed on a list in the State concerned due to terrorist activities or their support for terrorist activities on the basis of Resolution 1373 (2001)119 of the UN Security Council.2 FINMA shall pass on the data received from the FDF to:a.120 the financial intermediaries under its supervision in accordance with Article 2 paragraph 2 letters a and b–dquater;b.121 the supervisory organisations for the attention of the financial intermediaries in accordance with Article 2 letter abis that are subject to their ongoing supervision;c. the self-regulatory organisations for the attention of the financial intermediaries affiliated to them.3 The duty to pass on data under paragraph 2 letter a also applies to the FGB.4 The FDF shall not pass any data on to FINMA or the FGB if, after consulting the Federal Department of Foreign Affairs, the Federal Department of Justice and Police, the Federal Department of Defence, Civil Protection and Sport and the Federal Department of Economic Affairs, Education and Research, it must assume that human rights or principles of the rule of law would be violated.119  > English > Security Council > Security Council Resolutions >  2001 > 5/RES/1373 (2001)120 Amended by No I 8 of the FA of 25 Sept. 2020 on the Adaptation of Federal Law to Developments in Distributed Ledger Technology, in force since 1 Aug. 2021  (AS 2021 33, 399; BBl 2020 233).121 Amended by Annex No II 15 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).Section 4 Money Laundering Reporting Office Switzerland (the Reporting Office) Art. 23 1 The Federal Office of Police122 shall manage the Money Laundering Reporting Office Switzerland (the Reporting Office).2 The Reporting Office shall examine and analyse the reports received. If necessary, it shall obtain additional information in accordance with Article 11a.123.3 It shall maintain its own data processing system in relation to money laundering.4 It must notify the responsible prosecution authority immediately if it has reasonable grounds to suspect that: a.124 an offence as defined in Articles 260ter Number 1, 305bis or 305ter SCC125 has been committed;b.126 assets are the proceeds of a felony or an aggravated tax misdemeanour under Article 305bis number 1bis SCC;c.127 assets are subject to the power of disposal of a criminal or terrorist organisation; or d. assets serve the financing of terrorism (Art. 260quinquies para. 1 SCC).1285 The Reporting Office shall inform the financial intermediary concerned within 20 working days whether it will pass on the report under Article 9 paragraph 1 letter a to a prosecution authority or not.1296 It shall inform the financial intermediary concerned whether it will pass the report under Article 305ter paragraph 2 SCC to a prosecution authority or not.130122 The title of this administrative entity has been amended in application of Art. 16 para. 3 of the Publication O of 17 Nov. 2004 (AS 2004 4937).123 Amended by No I of the FA of 21 June 2013, in force since 1 Nov. 2013  (AS 2013 3493; BBl 2012 6941).124 Amended by Annex No II 6 of the FedD of 25 Sept. 2020 on the Approval and Implementation of the Council of Europe Convention on the Prevention of Terrorism and its Additional Protocol and the Strengthening of Criminal Justice Instruments for combating Terrorism and Organised Crime, in force since 1 July 2021 (AS 2021 360; BBl 2018 6427).125 SR 311.0126 Amended by No I 7 of the FA of 12 Dec. 2014 on the Implementation of the 2012 revision of the Recommendations of the Financial Action Task Force, in force since  1 Jan. 2016 (AS 2015 1389; BBl 2014 605).127 Amended by Annex No II 6 of the FedD of 25 Sept. 2020 on the Approval and Implementation of the Council of Europe Convention on the Prevention of Terrorism and its Additional Protocol and the Strengthening of Criminal Justice Instruments for combating  Terrorism and Organised Crime, in force since 1 July 2021  (AS 2021 360; BBl 2018 6427).128 Amended by No I 4 of the FA of 3 Oct. 2008 on the Implementation of the revised Recommendations of the Financial Action Task Force, in force since 1 Feb. 2009  (AS 2009 361; BBl 2007 6269).129 Inserted by No I 7 of the FA of 12 Dec. 2014 on the Implementation of the 2012 revision of the Recommendations of the Financial Action Task Force, in force since 1 Jan. 2016 (AS 2015 1389; BBl 2014 605).130 Inserted by No I 7 of the FA of 12 Dec. 2014 on the Implementation of the 2012 revision of the Recommendations of the Financial Action Task Force, in force since 1 Jan. 2016 (AS 2015 1389; BBl 2014 605).Section 5  Self-Regulatory Organisations  Art. 24 Recognition  1 Organisations are recognised as self-regulatory organisations if they:a. have regulations in accordance with Article 25;b. supervise their affiliated financial intermediaries with regard to compliance with their duties in terms of Chapter 2; andc. provide the guarantee of irreproachable business conduct and ensure that the persons and audit firms they instruct to carry out inspections:1311. possess the required specialist knowledge,2. provide the required guarantees that inspections will be carried out properly, and3. are independent of the management and administration of financial intermediaries being inspected;d.132 ensure that the audit firms they instruct to carry out inspections and lead auditors fulfil the requirements under Article 24a.2 The self-regulatory organisations of the licensed transport undertakings under the Public Transport Act of 20 March 2009133 must be independent of their respective managements.134Art. 24a135 Licensing of audit firms and lead auditors1 The self-regulatory organisation shall grant the audit firms and lead auditors the necessary licence and supervise their activity.2 The audit firm shall be licensed if:a. it is licensed as an auditor by the Federal Audit Oversight Authority in accordance with Article 6 of the Auditor Oversight Act of 16 December 2005136;b. it is adequately organised for this audit; andc. it does not perform any other activity requiring authorisation under the financial market acts in accordance with Article 1 paragraph 1 of the Financial Market Supervision Act of 22 June 2007137 (FINMASA).3 The lead auditor shall be licensed to lead audits in accordance with paragraph 1 if he or she:a. is licensed as an auditor by the Federal Audit Oversight Authority in accordance with Article 5 of the Auditor Oversight Act;b. has the necessary specialist knowledge and the necessary practical experience for performing audits in accordance with paragraph 1.4 Article 17 of the Auditor Oversight Act applies by analogy to the self-regulatory organisation's withdrawal of the licence granted to audit firms and lead auditors in accordance with paragraph 1, as well as to its issuing of a reprimand.131 Amended by Annex No II 15 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).132 Inserted by Annex No 7 of the FA of 20 June 2014 (Consolidation of Oversight of Audit Companies) (AS 2014 4073; BBl 2013 6857). Amended by Annex No II 15 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020  (AS 2018 5247, 2019 4631; BBl 2015 8901).133 SR 745.1134 Amended by Annex No II 3 of the Postal Services Organisation Act of 17 Dec. 2010, in force since 1 Oct. 2012 (AS 2012 5043; BBl 2009 5265).135 Inserted by Annex No II 15 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).136 SR 221.302137 SR 956.1Art. 25 Regulations  1 Self-regulatory organisations must issue regulations.2 The regulations shall specify the duties of diligence of their affiliated financial intermediaries within the meaning of Chapter 2 and stipulate how these duties must be fulfilled.3 They shall further stipulate:a. the requirements for the affiliation and exclusion of financial intermediaries;b. how compliance with the duties in terms of Chapter 2 is monitored;c. appropriate penalties.Art. 26 Lists  1 The self-regulatory organisations must maintain lists of their affiliated financial intermediaries and of persons to whom they refuse affiliation.2 They must notify FINMA of these lists and of any amendments thereto.138138 Amended by Annex No 17 of the Financial Market Supervision Act of 22 June 2007, in force since 1 Jan. 2009 (AS 2008 5207; BBl 2006 2829).Art. 26a139 Swiss group companies  1 FINMA may provide for financial intermediaries in accordance with Article 2 paragraph 3 that are Swiss group companies of a financial intermediary in accordance with Article 2 paragraph 2 letters a–dquater that proof of compliance with the obligations specified in Chapter 2 may be provided in the audit report for the group.1402 FINMA shall publish a list of group companies in accordance with paragraph 1.139 Inserted by Annex No II 15 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).140 Amended by No I 8 of the FA of 25 Sept. 2020 on the Adaptation of Federal Law to Developments in Distributed Ledger Technology, in force since 1 Aug. 2021  (AS 2021 33, 399; BBl 2020 233).Art. 27141 Exchange of information and duty to notify  1 The self-regulatory organisations and FINMA may mutually exchange any information or documents that they require in order to fulfil their duties.2 The self-regulatory organisations shall notify FINMA of:a. terminations of memberships;b. decisions on the refusal of affiliation;c. decisions to exclude and the reasons therefor;d. the opening of sanctions proceedings that may end in exclusion.3 They shall provide FINMA with a report at least once each year on their activities in terms of this Act together with a list of decisions on sanctions issued during the period covered by the report.4 They shall submit a report immediately to the Reporting Office if they have reasonable grounds to suspect that:a.142 a criminal offence under Article 260ter or 305bis of the Swiss Criminal Code143 has been committed;b.144 assets are the proceeds of a felony or an aggravated tax misdemeanour under Article 305bis number 1bis SCC; c.145 assets are subject to the power of disposal of a criminal or terrorist organisation; ord.146 assets serve the financing of terrorism (Art. 260quinquies para. 1 SCC).5 The duty under paragraph 4 does not apply if a report has already been filed by a financial intermediary affiliated to a self-regulatory organisation.141 Amended by Annex No 17 of the Financial Market Supervision Act of 22 June 2007, in force since 1 Jan. 2009 (AS 2008 5207; BBl 2006 2829).142 Amended by Annex No II 6 of the FedD of 25 Sept. 2020 on the Approval and Implementation of the Council of Europe Convention on the Prevention of Terrorism and its Additional Protocol and the Strengthening of Criminal Justice Instruments for combating  Terrorism and Organised Crime, in force since 1 July 2021  (AS 2021 360; BBl 2018 6427).143 SR 311.0144 Amended by No I 7 of the FA of 12 Dec. 2014 on the Implementation of the 2012 revision of the Recommendations of the Financial Action Task Force, in force since  1 Jan. 2016 (AS 2015 1389; BBl 2014 605).145 Amended by Annex No II 6 of the FedD of 25 Sept. 2020 on the Approval and Implementation of the Council of Europe Convention on the Prevention of Terrorism and its Additional Protocol and the Strengthening of Criminal Justice Instruments for combating  Terrorism and Organised Crime, in force since 1 July 2021  (AS 2021 360; BBl 2018 6427).146 Inserted by No I 4 of the FA of 3 Oct. 2008 on the Implementation of the revised Recommendations of the Financial Action Task Force, in force since 1 Feb. 2009 (AS 2009 361; BBl 2007 6269).Art. 28147 Withdrawal of recognition  1 FINMA shall not withdraw recognition from a self-regulatory organisation under Article 37 of the Financial Market Supervision Act of 22 June 2007148 without prior warning.2 If a self-regulatory organisation has its recognition withdrawn, its affiliated financial intermediaries must submit a request for affiliation with another self-regulatory organisation within two months.1493 and 4 ...150147 Amended by Annex No 17 of the Financial Market Supervision Act of 22 June 2007, in force since 1 Jan. 2009 (AS 2008 5207; BBl 2006 2829).148 SR 956.1149 Amended by Annex No II 15 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).150 Repealed by Annex No II 15 of the Financial Institutions Act of 15 June 2018, with effect from 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).Chapter 4  Administrative Assistance  Section 1  Cooperation among Domestic Authorities  Art. 29 Exchange of information among authorities151  1 FINMA, the FGB, the Intercantonal Supervisory and Executive Authority under Article 105 GamblA152 and the Reporting Office may provide each other with any information or documents required for the enforcement of this Act.1532 The federal, cantonal and communal authorities shall if requested by the Reporting Office or the central offices of the Federal Criminal Police pass on to the Reporting Office or the said central offices all the data required for the analyses in relation to combating money laundering, its predicate offences, organised crime or the financing of terrorism. The data includes in particular financial information and other sensitive personal data and personality profiles obtained in criminal, administrative criminal and administrative proceedings, including those from pending proceedings.1542bis The Reporting Office may provide, on a case by case basis, the authorities referred to in paragraph 2 with information in individual cases provided the authorities use the information exclusively for combating money laundering, its predicate offences, organised crime or the financing of terrorism. Article 30 paragraphs 2–5 applies by analogy.1552ter The Reporting Office may only pass on information from foreign reporting offices with their express consent to the authorities referred to in paragraph 2 for the purposes mentioned in paragraph 2bis.1563 The Reporting Office shall inform FINMA, the FGB and the Intercantonal Supervisory and Executive Authority under Article 105 GamblA of the decisions of the cantonal prosecution authorities.157151 Inserted by No I 4 of the FA of 3 Oct. 2008 on the Implementation of the revised Recommendations of the Financial Action Task Force, in force since 1 Feb. 2009 (AS 2009 361; BBl 2007 6269).152 SR 935.51153 Amended by Annex No II 8 of the Gambling Act of 29 Sept. 2017, in force since  1 Jan. 2019 (AS 2018 5103; BBl 2015 8387).154 Amended by No I 7 of the FA of 12 Dec. 2014 on the Implementation of the 2012 revision of the Recommendations of the Financial Action Task Force, in force since  1 Jan. 2016 (AS 2015 1389; BBl 2014 605).155 Inserted by No I 7 of the FA of 12 Dec. 2014 on the Implementation of the 2012 revision of the Recommendations of the Financial Action Task Force, in force since 1 Jan. 2016 (AS 2015 1389; BBl 2014 605).156 Inserted by No I 7 of the FA of 12 Dec. 2014 on the Implementation of the 2012 revision of the Recommendations of the Financial Action Task Force, in force since 1 Jan. 2016 (AS 2015 1389; BBl 2014 605).157 Amended by Annex No II 8 of the Gambling Act of 29 Sept. 2017, in force since  1 Jan. 2019 (AS 2018 5103; BBl 2015 8387).Art. 29a158 Prosecution authorities  1 The prosecution authorities shall notify the Reporting Office without delay of any pending proceedings connected with Articles 260ter, 260quinquies paragraph 1, 305bis and 305ter paragraph 1 SCC159.160 They shall provide the Reporting Office without delay with judgements and decisions on the closure of proceedings, including the grounds therefor.2 They shall also notify the Reporting Office without delay of rulings that they have issued on the basis of a report from the Reporting Office.3 They may provide FINMA, the FGB and the Intercantonal Supervisory and Executive Authority under Article 105 GamblA161 with any information and documents that they require in order to fulfil their duties, provided that this is not prejudicial to the criminal proceedings.1624 FINMA, the FGB and the Intercantonal Supervisory and Executive Authority under Article 105 GamblA shall coordinate any intervention in relation to a financial intermediary with the competent prosecution authorities.163 They shall consult with the competent prosecution authorities before passing on any information or documents received.158 Inserted by No I 4 of the FA of 3 Oct. 2008 on the Implementation of the revised Recommendations of the Financial Action Task Force, in force since 1 Feb. 2009 (AS 2009 361; BBl 2007 6269).159 SR 311.0160 Amended by Annex No II 6 of the FedD of 25 Sept. 2020 on the Approval and Implementation of the Council of Europe Convention on the Prevention of Terrorism and its Additional Protocol and the Strengthening of Criminal Justice Instruments for combating  Terrorism and Organised Crime, in force since 1 July 2021  (AS 2021 360; BBl 2018 6427).161 SR 935.51162 Amended by Annex No II 8 of the Gambling Act of 29 Sept. 2017, in force since  1 Jan. 2019 (AS 2018 5103; BBl 2015 8387).163 Amended by Annex No II 8 of the Gambling Act of 29 Sept. 2017, in force since  1 Jan. 2019 (AS 2018 5103; BBl 2015 8387).Section 2  Cooperation with Foreign Authorities  Art. 30164 Cooperation with foreign reporting offices  1 The Reporting Office may pass on the personal data and other information that are in its possession or that it may obtain under this Act to a foreign reporting office provided that office:a. guarantees that it will use the information solely for the purpose of analysis in the context of combating money laundering and its predicate offences, organised crime or terrorist financing;b. guarantees that it will reciprocate on receipt of a similar request from Switzerland;c. guarantees that official and professional secrecy will be preserved;d. guarantees that it will not pass on the information received to third parties without the express consent of the Reporting Office; ande. will comply with the conditions and restrictions imposed by the Reporting Office.2 It may pass on the following information in particular:a.165the name of the financial intermediary or the dealer, provided the anonymity is preserved of the person making the report or who has complied with a duty to provide information under this Act;b. account holders, account numbers and account balances;c. beneficial owners; d. details of transactions.3 Information is passed on in the form of a report.4 The Reporting Office may consent to information being passed on by the foreign reporting office to a third authority provided the latter guarantees that:a. it will use the information solely:1. for the purpose of analysis in the context of combating money laundering and its predicate offences, organised crime or terrorist financing, or 2. to institute criminal proceedings relating to money laundering and its predicate offences, organised crime or terrorist financing or to obtain evidence in response to a request for mutual assistance relating to such criminal proceedings;b. they will not use the information to prosecute offences that are not offences predicate to money laundering under Swiss law;c. they will not use the information in evidence; and d. they will preserve official or professional secrecy.5 If the request to pass on the information to a foreign third authority concerns a matter that is the subject of criminal proceedings in Switzerland, the Reporting Office shall first obtain the consent of the public prosecutor’s office responsible for the proceedings.6 The Reporting Office is entitled to make more detailed arrangements on the modalities of cooperation with foreign reporting offices.164 Amended by No I of the FA of 21 June 2013, in force since 1 Nov. 2013  (AS 2013 3493; BBl 2012 6941).165 Amended by No I 7 of the FA of 12 Dec. 2014 on the Implementation of the 2012 revision of the Recommendations of the Financial Action Task Force, in force since  1 Jan. 2016 (AS 2015 1389; BBl 2014 605).Art. 31166 Refusal to provide information  A request for information from a foreign reporting office shall not be granted if:a. the request has no connection with Switzerland;b. the request requires the application of procedural compulsion or other measures or acts for which Swiss law stipulates mutual assistance procedures or another procedure regulated in special legislation or an international treaty;c. national interests or public security and order will be prejudiced.166 Amended by No I of the FA of 21 June 2013, in force since 1 Nov. 2013  (AS 2013 3493; BBl 2012 6941).Art. 31a167 Applicable provisions of the Federal Act of 7 October 1994 on Central Offices of the Federal Criminal Police  Unless this Act provides otherwise in relation to data processing and administrative assistance provided by the Reporting Office, the first and fourth sections of the Federal Act of 7 October 1994168 on the Central Offices of the Federal Criminal Police apply by analogy.167 Inserted by No I of the FA of 21 June 2013, in force since 1 Nov. 2013  (AS 2013 3493; BBl 2012 6941).168 SR 360Art. 32 Cooperation with foreign prosecution authorities169  1 The cooperation of the Reporting Office with foreign prosecution authorities is governed by Article 13 paragraph 2 of the Federal Act of 7 October 1994170 on the Central Offices of the Federal Criminal Police.2 ...1713 The name of the person who made the report on behalf of the financial intermediary or the dealer or who complied with the duty to provide information under Article 11a may not be passed on by the Reporting Office to foreign prosecution authorities.172169 Amended by No I of the FA of 21 June 2013, in force since 1 Nov. 2013  (AS 2013 3493; BBl 2012 6941).170 SR 360171 Repealed by No I of the FA of 21 June 2013, with effect from 1 Nov. 2013  (AS 2013 3493; BBl 2012 6941).172 Inserted by No I 4 of the FA of 3 Oct. 2008 on the Implementation of the revised Recommendations of the Financial Action Task Force (AS 2009 361; BBl 2007 6269). Amended by No I 7 of the FA of 12 Dec. 2014 on the Implementation of the 2012 revision of the Recommendations of the Financial Action Task Force, in force since  1 Jan. 2016 (AS 2015 1389; BBl 2014 605).Chapter 5  Processing of Personal Data  Art. 33 Principle  The processing of personal data is governed by the Federal Act of 19 June 1992173 on Data Protection.173 SR 235.1Art. 34 Data collections in connection with the duty to report  1 Financial intermediaries must maintain separate data collections containing all the documents connected with the report filed.2 Data from these data collections may be passed on only to FINMA, the FGB, the Intercantonal Supervisory and Executive Authority under Article 105 GamblA174, the supervisory organisation, self-regulatory organisations, the Reporting Office and the prosecution authorities.1753 The right to information of persons concerned in accordance with Article 8 of the Federal Act of 19 June 1992176 on Data Protection shall be suspended from the filing of a report under Article 9 paragraph 1 of this Act or under Article 305ter paragraph 2 SCC177 until the time when the Reporting Office informs the financial intermediary under Article 23 paragraph 5 or 6 and for as long as assets are frozen in accordance with Article 10.1784 The data must be destroyed five years after the report is filed.174 SR 935.51175 Amended by Annex No II 15 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901). Corrected by the Federal Assembly Drafting Committee on 31 Jan. 2020, published on 18 Feb. 2020 (AS 2020 501).176 SR 235.1177 SR 311.0178 Amended by No I 7 of the FA of 12 Dec. 2014 on the Implementation of the 2012 revision of the Recommendations of the Financial Action Task Force, in force since  1 Jan. 2016 (AS 2015 1389; BBl 2014 605).Art. 35 Processing by the Reporting Office  1 The processing of personal data by the Reporting Office is governed by the Federal Act of 7 October 1994179 on the Central Offices of the Federal Criminal Police. The right of private individuals to information is governed by Article 8 of the Federal Act of 13 June 2008180 on Federal Police Information Systems.1812 They may on pass on data from these data files to FINMA, the FGB, the Intercantonal Supervisory and Executive Authority under Article 105 GamblA182, self-regulatory organisations, the Reporting Office and prosecution authorities.183179 SR 360180 SR 361181 Amended by Annex 1 No 9 of the FA of 13 June 2008 on Federal Police Information Systems, in force since 5 Dec. 2008 (AS 2008 4989; BBl 2006 5061).182 SR 935.51183 Amended by Annex No II 8 of the Gambling Act of 29 Sept. 2017, in force since  1 Jan. 2019 (AS 2018 5103; BBl 2015 8387).Art. 35a184 Verification  1 In order to fulfil its duties, the Reporting Office may by means of a computerised access procedure verify whether a person reported or notified to it is listed in any of the following databases:a. the National Police Index;b. the Central Migration Information System;c. the automated Register of Convictions;d. the State Security Information System;e. the person, file and case management system used in the field of mutual assistance in criminal matters.2 The right of access for further information is governed by the provisions applicable to the information system concerned.184 Inserted by Annex 1 No 9 of the FA of 13 June 2008 on Federal Police Information Systems, in force since 5 Dec. 2008 (AS 2008 4989; BBl 2006 5061).Chapter 6  Criminal Provisions and Procedure  Art. 36185 185 Repealed by Annex No 17 of the Financial Market Supervision Act of 22 June 2007, with effect from 1 Jan. 2009 (AS 2008 5207; BBl 2006 2829).Art. 37186 Violation of the duty to report  1 Any person who fails to comply with the duty to report in terms of Article 9 shall be liable to a fine not exceeding 500,000 francs.2 If the offender acts through negligence, he or she shall be liable to a fine not exceeding 150,000 francs.3 ...187186 Amended by Annex No 17 of the Financial Market Supervision Act of 22 June 2007, in force since 1 Jan. 2009 (AS 2008 5207; BBl 2006 2829).187 Repealed by Annex No 12 of the Financial Market Infrastructure Act of 19 June 2015, with effect from 1 Jan. 2016 (AS 2015 5339; BBl 2014 7483).Art. 38188 Violation of the duty to verify  1 Any dealer that wilfully violates its duty under Article 15 to appoint an audit firm, shall be liable to a fine not exceeding 100,000 francs.2 If it acts through negligence, it shall be liable to a fine not exceeding 10,000 francs.188 Amended by No I 7 of the FA of 12 Dec. 2014 on the Implementation of the 2012 revision of the Recommendations of the Financial Action Task Force, in force since  1 Jan. 2016 (AS 2015 1389; BBl 2014 605).Art. 39 and 40189 189 Repealed by Annex No 17 of the Financial Market Supervision Act of 22 June 2007, with effect from 1 Jan. 2009 (AS 2008 5207; BBl 2006 2829).Chapter 7  Final Provisions  Art. 41190 Implementation  1 The Federal Council shall issue the provisions required for the implementation of this Act.2 It may authorise FINMA, the FGB, the FDJP and the FCA191 to issue implementing provisions on matters of limited importance and in particular on matters of a primarily technical nature.192190 Amended by No I 4 of the FA of 3 Oct. 2008 on the Implementation of the revised Recommendations of the Financial Action Task Force, in force since 1 Jan. 2010  (AS 2009 361 6401; BBl 2007 6269).191 Now the FOCBS.192 Amended by No I 8 of the FA of 25 Sept. 2020 on the Adaptation of Federal Law to Developments in Distributed Ledger Technology, in force since 1 Aug. 2021  (AS 2021 33, 399; BBl 2020 233).Art. 42193 Transitional provision to the Amendment of 15 June 2018  1 Financial intermediaries as defined in Article 2 paragraph 3 which at the time of the entry into force of the amendment to this Act of 15 June 2018 have FINMA authorisation in accordance with Article 14 must join a recognised self-regulatory organisation. They must submit their request within one year. They may continue to perform their activity until a decision has been made concerning their request.2 The final provisions of the PMCA194 apply to trade assayers and group companies subject to the PMCA.195193 Amended by Annex No II 15 of the Financial Institutions Act of 15 June 2018, in force since 1 Jan. 2020 (AS 2018 5247, 2019 4631; BBl 2015 8901).194 SR 941.31195 Amended by No I of the FA of 19 March 2021, in force since 1 Jan. 2022  (AS 2021 656; BBl 2019 5451).Art. 43 Amendment of current legislation  Relevant to the French Text onlyArt. 44 Referendum and commencement  1 This Act is subject to an optional referendum.2 The Federal Council determines the date on which this Act comes into force.Commencement Date: 1 April 1998196196 FCD of 16 March 1998.