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.



Your team


In need of legal, tax or compliance advice? We look forward to contacting you.

From the magazine

Robo Advisor

In the investment advisory and asset management business, personal advice from the financial services provider has so far been the main focus. In the course of the omnipresent digitalization, this area is also experiencing the beginning of a new age. Banks, securities dealers, asset managers, investment advisors and also software developers, often start-ups, are increasingly offering their customers services controlled by artificial intelligence. The so-called "Robo-Advisor", which uses automated and algorithm-based methods to determine investment recommendations and, if necessary, also makes and executes investment decisions for the client, is opening up exciting new business models with not insignificant scaling potential. Especially in the field of virtual assets, such applications are currently emerging. However, the use of such software in a highly regulated area such as the financial market brings with it many questions, some of which are still unresolved from a regulatory perspective. Depending on the focus of the offering and the business model, providers of such services require a license from the Swiss Financial Market Supervisory Authority ("FINMA") or affiliation with a supervisory organization ("AO") or a self-regulatory organization ("SRO"). This article outlines the main features of the relevant financial market regulation and the questions that are currently open.

Spotlight: Swiss Travel Rule

FINMA’s ambitious plans to bring transparency to DLT in the fight against ML/TF comes with considerable challenges.

All magazine reports


All publications