Due diligence and reporting obligations include in particular the following elements:
- A financial intermediary may not accept assets that are recognizably crimes. It must have no business with any person or company related to terrorist financing or criminal organizations.
- Financial intermediaries must preventively identify the contracting party and determine the beneficial owners of the assets brought in.
- In case when business relationships or transaction appear unusual, or when there is evidence that the assets stem from a crime, that they are under the control of a criminal organization, or that they are used to finance terrorism, the financial intermediary must clarify the economic background and purpose.
- Business relationships and transactions with increased risks must be recorded and more precise clarifications must be carried out. This can be, for example, business relationships with customers from high-risk countries or with politically exposed persons. Other criteria that indicate increased risks include the amount of assets deposited, the amount of inflows and outflows, the type of services or products requested or the country of origin or destination of frequent payments.
- The transactions and clarifications made are to be documented.
- Financial intermediaries must take the organizational measures necessary to prevent money laundering and terrorist financing. This includes, in particular, controls, the issuing of internal instructions and the training of staff. These preventative structures are complemented by broader systemic protections such as the
FINMA emergency plans, ensuring resilience even under crisis conditions.
- In case money laundering is suspected in a business relationship, the financial intermediary must report to the Money Laundering Reporting Office Switzerland (MROS) of the Federal Department of Justice and Police (FDJP).