New Anti-Money Laundering Rules in Switzerland

The Switzerland government has developed new rules to combat money laundering, which will require consultants to strengthen compliance for legal entities and report identified potential risks.

The rules will apply to lawyers, accountants, and other consultants who establish trust or holding companies or arrange real estate transactions.

The rules will tighten the obligations of banks, firms, and service providers to thoroughly examine and control the risks of sanctions violations among their clients or facilitating sanctions evasion.

All future real estate transactions will also be subject to additional compliance, and monetary payments for precious metals and gemstones, such as gold and diamonds, will be subject to checks for money laundering exceeding 15,000 Swiss francs (100,000 francs currently).

The government has also announced a detailed plan to establish a centralized registry to track the beneficiaries of legal entities. The registry will be held in the Federal Department of Justice and Police, with financial ministry bodies conducting checks on the registry and imposing sanctions if necessary.

The new AML rules are currently in the consultation stage, and it is expected that they will be presented to Parliament during 2024

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