New Ordinance-FINMA (GwV-FINMA): Necessary Adjustments to the Organizational Guidelines of the Financial Intermediaries

Due Diligence Obligations of Financial Intermediaries, Implementation of new Guidelines

The Ordinance of the Swiss Financial Market Supervisory Authority (FINMA) on the Prevention of Money-Laundering and the Financing of Terrorism has been revised. FINMA set the Ordinance into force on January 1, 2016. Financial intermediaries have to adapt their internal organizational guidelines in order to implement the new due diligence obligations.

The Ordinance-FINMA (GwV-FINMA, SR 955.033.0) is directly applicable to the directly subordinated financial intermediaries (FI) only. However, the FINMA-Ordinance points out what shall be deemed to be the organizational standard which is why the revised Ordinance-FINMA has also an indirect impact on SRO members. The internal guidelines shall ensure the FI’s compliance with its due diligence obligations and the specific organizational implementation of due diligence obligations of the FI in order to combat money laundering and financing of terrorism effectively. The guidelines are the most important basis for the responsible bodies of the FI for a due compliance organization.

A template for the Internal Guidelines (in German) can be purchased for CHF 150.00 at kyc.ch.

* Gabriela Hauser-Spühler

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