News
20.03.2024 - L-QUIF: new fund category exempt from FINMA authorisation and supervision
On 1 March 2024, the Swiss parliament and Federal Council have launched a new category of fund, the Limited Qualified Investor Fund (L-QIF).
L-QIFs are collective investment schemes that do not require FINMA authorisation or approval and are not supervised by FINMA.
They are offered solely to qualified investors and managed by entities that are supervised by FINMA. These institutions are responsible for complying with the L-QIF rules themselves.
FINMA News from 23.02.2024
Federal Council press release from 31.01.2024
05.02.2024 - New FINMA Guidance: status of the licensing process and supervision for portfolio managers and trustees
In February 2024, the Swiss Financial Market Supervisory Authority published a new Guidance.
In its Guidance 01/2024, FINMA provides information on the status of the licensing process and on supervision for portfolio managers and trustees.
FINMA also reports that from now on trustees will be deemed to be operating on a commercial basis and require a licence if the trust assets exceed CHF 5 million at any time, because trust assets are economically separate from the trustee, i.e. they are assets belonging to third parties.
30.12.2023 - New FINMA Guidance: staking services
Staking involves a number of risks and legal uncertainties.
In December 2023, the Swiss Financial Market Supervisory Authority published a new Guidance on staking services which sets out FINMA’s supervisory practice and is intended to enhance transparency about the treatment of staking services under financial market law.
The focus is on protecting customers from the risk of the staking service provider falling into bankruptcy.
20.11.2023 - AML Revisions AG celebrates its 10 years of activity!
In November 2023, we are celbrating our 10th anniversary.
AML Revisions AG was founded in 2013 by 5 audit companies with the aim to combine their audit mandates in the financial sector in one specialized company. Today, we have 8 offices with more than 30 specialists throughout Switzerland. This gives us a strong organization that ensures expertise and quality. At the same time, we are locally present with our offices.
Our concept is based on the satisfaction and loyalty of our clients, and we are thankful for the trust they place in us.
20.11.2023 - FINMA Risk Monitor 2023: current risks in the financial sector
On 9 November 2023, the Swiss Financial Market Supervisory Authority FINMA published its 2023 Risk Monitor, in which it identifies nine significant risks for the financial sector.
Compared to last year, the Risk Monitor presents two new risks, which relate to liquidity and funding as well as to the outsourcing of business activities.
The following risks already existed last year: interest rate risks, credit risks relating to mortgages, credit risks relating to other credits, credit spread risks, cybersecurity risks, risks relating to the combating of money laundering as well as risks relating to a difficult cross-border market access.
We recommend to include these risks in the yearly risk assessment.
20.11.2023 - Money laundering risk analysis: new FINMA guidance
In August 2023, the Swiss Financial Market Supervisory Authority published guidance on the money laundering risk analysis setting out its observations and experiences gained in this field.icht.
The money laundering risk analysis is an important tool for the strategic management of banks and other financial intermediaries. During on-site supervisory reviews, FINMA had repeatedly identified shortcomings in the area of the money laundering risk analysis.
During our SO audits, we also found out that the concept of money laundering risk analysis is often not correctly understood or applied.
We recommend to the financial intermediaries who are subject to the FinIA to follow FINMA’s basic structure.
19.10.2022 - Anti-Money Laundering Act (AMLA) – changes on 01.01.2023
Due to the amendments to the Anti-Money Laundering Act adopted on 19 March 2021, the required adjustments have also to be done at the ordinance level. The changes, which concern in particular the AMLO-FINMA, enter into force on 1 January 2023.
These are the three major changes:
Verification of the identity of the beneficial owner
In its mutual evaluation report on Switzerland, FATF criticises the lack of an explicit legal foundation and thus of a general obligation to do a systematic material control. Art. 4, para. 1 rev. AMLA provides now that the financial intermediary must identify the beneficial owner with the due diligence required in the circumstances.
Updating of client data
In accordance with Art. 7, para. 1bis rev. AMLA, the financial intermediary must now periodically review the necessary documents and update them if needed. This obligation applies to all business relationships and irrespectively of their risk. On the other hand, the periodicity, scale and type of the review and the update are different depending on the risk of the contracting party. The obligation to update the client data applies both to the verification of the identity of the customer pursuant to Art. 3 AMLA and to the establishment of the identity of the beneficial owner pursuant to Art. 4 AMLA, but also to the more general review of the client profile, e.g. of the information on the nature and purpose of the business relationship.
Changes related to the reporting system
The revision of the AMLA also includes certain amendments to the reporting system. Art. 9, para. 1quater rev. AMLA newly defines the reasonable suspicion. If, according to the financial intermediary, there is a clear indication or there is some evidence that assets are the proceeds of a predicate offence to money laundering, he must pursue the matter and conduct detailed clarifications pursuant to Art. 6 AMLA. If it is not possible to dispel the suspicion, it is considered reasonable in accordance with respective applicable legal practice and must be reported to the Money Laundering Reporting Office Switzerland (MROS).
We recommend you prepare on time the instruction for the AMLA sector and put the updated version into force on 1 January 2023.
Don’t hesitate to contact us if you have any questions.
09.05.2022 - Submission of the FINMA licence application: important next steps
On 4 May 2022, FINMA has published a «timetable for the licensing process» setting out the most important milestones in the process for obtaining a licence as a portfolio manager or trustee in new guidance.
16.09.2021 - Portfolio managers and trustees: early submission of licence applications to FINMA
FINMA pointed out again that portfolio managers and trustees should submit their licence applications as soon as possible in order to avoid longer waiting times and uncertainties. Furthermore, FINMA recalls that for this purpose, the confirmation of a supervisory organisation (SO) for a possible affiliation is required.
If the application is received by FINMA after the deadline, this would mean that the company is operating without authorisation.
07.07.2021 - ACCREDITATION BY FINCONTROL SUISSE AG AS AUDIT COMPANY
Since 29 June 2021, AML Revisions AG is accredited for audits of members of the supervisory organization of VQF for asset managers and trustees, FINcontrol Suisse AG.
25.01.2021 - ACCREDITATION BY AOOS AS AUDIT COMPANY
Since 22 January 2021, AML Revisions AG is accredited for SO and SRO audits of members of the supervisory body of SAAM for asset managers and trustees, AOOS.
20.01.2021 - ACCREDITATION BY OSFIN AS AUDIT COMPANY
Since 18 January 2021, AML Revisions AG is accredited for audits of members of the supervisory body for financial service providers, OSFIN.
11.01.2021 - ACCREDITATION BY OSIF AS AUDIT COMPANY
Since 15 December 2020, AML Revisions AG is accredited for regulatory and AML audits of members of the Supervisory Body for Financial Institutes, OSIF.
23.12.2020 - ACCREDITATION BY SO-FIT AS AUDIT COMPANY
Since 15 December 2020, AML Revisions AG is accredited for regulatory and AML audits of members of the Supervisory Organisation for Financial Intermediaries & Trustees, SO-FIT.
01.12.2020 - We have moved!
Since 1st December 2020, our headquarters are located at the following address: Hohlstrasse 560 , 8048 Zurich.
30.10.2020 - Period to affiliate to an ombudsman’s office (mandatory for asset managers)
Pursuant to the FinSA, asset managers must affiliate to an ombudsman’s office within six months after the first ombudsman’s office’s authorisation. The period to affiliate ends on 24 December 2020.
The list of ombudsmen recognised by the Federal Finance Department can be found here.
In case of any question, do not hesitate to contact your local contact.
30.10.2020 - Period to be entered in a register of advisers (important for distributors and independent financial advisors)
Pursuant to Article 28, Paragraph 1 FinSA, client advisers of Swiss financial service providers not subject to financial market supervision as well as client advisers of foreign financial service providers may carry out their activity only if they are entered in a register of advisers by 19 January 2021. The list of registration bodies licensed by FINMA can be found on the FINMA website.
In case of any question, do not hesitate to contact your local contact.
10.06.2020 - Period FinSA/FinIA
Reminder:
The period for asset managers and trustees who are required to report to FINMA pursuant to article 74 FinIA expires on 30 June 2020. If the reporting isn't made on time, the activity of the asset manager/trustee can no longer be exercised after 1 July 2020.
FINMA survey and application platform
In case of any question, do not hesitate to contact your local contact.
27.01.2020 - FinSA/FinIA: are you ready?
The Financial Services Act (FinSA) and the Financial Institutions Act (FinIA) and its associated ordinances (FinSO and FinIO) became effective on 1 January 2020.
Please find attached our information about the impact of these new requirements and our way to support you in this matter.
Informations FinSA/FinIA January 2020
15.06.2018 - FinSA/FinIA
The Swiss Parliament has adopted the FinSA and FinIA bills in the final votes
The laws are expected to come into force on 1 January 2020. We are now looking forward to the corresponding ordinances, which will regulate the details for asset managers and trustees. As soon as the ordinances will be published, the exact requirements for future asset managers and trustees will be clear. We will keep you informed and are happy to answer any questions you may have.
12.02.2018 - New branch in Basel
We are delighted that Cornel Baerlocher and his team represent AML Revisions AG in the Basel region.
In February 2018, we have opened our Basel branch. With the aim of ensuring close proximity to our customers, we also wanted to cover the greater Basel area. That is why we are very pleased that another specialist in the AMLA sector, Cornel Baerlocher, has joined our team.
11.12.2017 - New website
We are delighted to present the new website of AML Revisions AG.
We have made graphic adjustments to provide you with easier access to information about our company, our services, our branches and the people in our team.
Under "News", you will regularly find current topics which could be of interest to you.
We invite you to explore our new website.
AML Revisions AG