SRO-affiliated financial intermediary in Switzerland

About This Company

The Federal Act of 10 October 1997 (Anti-Money Laundering Act, AMLA, SR 955.0), in force from 1998-04-01, governs the organisational requirements for affiliated Swiss financial intermediaries. Under Article 2 paragraph 3 and Article 14, covered entities must maintain operational substance capable of satisfying statutory due-diligence duties. Regulations demand that persons responsible for business conduct possess a good reputation, though authorities impose no formal industry experience requirement. Internal arrangements must execute customer identification, beneficial-owner checks, continuous transaction monitoring, and regular staff training.

Governance rules set specific staffing conditions that an incoming owner must maintain post-acquisition. Self-regulatory organisations such as PolyReg require a Switzerland-based, operationally active board member to act as the designated contact person. PolyReg also mandates an in-person pre-admission audit at additional hourly cost for virtual asset entities. No postponement of that audit is granted. Vetting of managers and board members is conducted directly by the SRO at admission and through recurring reviews. Supervisory oversight audits due-diligence files on an hourly billed rate of CHF 250 rather than checking prudential own-funds ratios. Retaining compliant local administration preserves uninterrupted affiliation with the recognised supervisory body.