The requirements for obtaining permission to engage in this activity have now extended to managers and trustees. They are required to apply to FINMA for six months upon the entry into force of FinIA. They need to achieve compliance with the requirements specified in the legislation within three years from the date of its entry into force. Managers and trustees apply for permission. Professional activity is allowed to continue until a decision is made on the authorization. In this case, the condition that they are associated with SROs (the procedure is defined in Article 24 of the Federal Law on Combating Money Laundering and the Financing of Terrorism (AMLA), which implies that they are controlled by this SRO regarding compliance with established requirements, must be met.
Managers and trustees who have started their activities after FinIA has entered into force are obligated to:
- report immediately to FINMA;
- comply with the terms and conditions to obtain permission from the date of commencement of the activity, regardless of the fulfillment of the requirement of joining SO.
Not later than one year after FINMA approves SO, managers and trustees should join SO and apply for authorization. It is possible to continue activities until a decision is made on permission. A condition is a communication with the SRO (as defined in Article 24 of the AMLA) and supervision by the SRO regarding compliance with established requirements.