The new AMLA in detail — explained article by article

The backdrop is cases like the Panama and Paradise Papers, where advisers were used to disguise money flows. The revision therefore starts earlier: those who help build or restructure structures must look more closely — whether or not they ever handle the money.

The changes come as a pair. Alongside the revised AMLA, the Transparency Act (TJPG) creates a central, non-public register of the true owners of companies. Both acts enter into force on 1 October 2026. They complement each other but do not replace one another — more below.

The purpose article is broadened. Besides combating money laundering and terrorist financing, the law now expressly names the prevention of breaches of coercive measures under the Embargo Act. Sanctions law and anti-money-laundering thus converge.

The law now covers professional advisory involvement in certain transactions with heightened money-laundering risk. Typically these are activities aimed at shaping or restructuring corporate or asset structures.

These include, for example: forming or administering legal entities, taking on board, fiduciary or nominee functions, providing an address or registered seat for a company, foundation or trust, and acting as a shareholder on behalf of others. Activities objectively capable of concealing the true owners are also covered.

The due-diligence duties apply only to activity carried out on a professional basis. This means an independent economic activity aimed at earning income. Whether you do it as your main or secondary occupation is irrelevant.

Anyone newly taking up such activity must comply with the due-diligence duties immediately and, within two months, apply to join a self-regulatory organisation or register with the competent authority.

Lawyers and notaries are excluded where they act within judicial, criminal, administrative or arbitration proceedings. This also covers preparing such proceedings, establishing the facts and enforcing the outcome. The core of legal practice thus remains protected.

Excluded are, among others, transactions arising from family, marriage and matrimonial-property law, inheritance law or a gift. Also excluded is the transfer of real estate or legal entities worth less than five million francs, where payment is settled entirely through supervised financial intermediaries.

Four things are central: identify the client, establish the beneficial owner of the assets, clarify the object and purpose of the transaction or service, and document all clarifications. Where risk is heightened, background and purpose must be examined in depth.

Identifying the counterparty and establishing the true owners follow the same principles as for financial intermediaries: for individuals a valid ID serves as evidence, for companies a register extract. A beneficial owner is anyone who exercises control from a 25 percent holding or by other means.

The law follows a risk-based approach: the more sensitive a case, the more thorough the review. Where risk is heightened — for instance with politically exposed persons, domiciliary companies without their own business, or nested cross-border structures — the source of funds and the background of the relationship must be clarified with particular care.

All records and clarifications must be filed so the matter can be traced at any time. The documents remain accessible for at least ten years beyond the end of the business relationship.

Those in scope must set up their operations to prevent money laundering, terrorist financing and breaches of coercive measures. This includes monitoring relevant sanctions connected to client relationships, staff training and internal controls.

Advisers in scope must join a self-regulatory organisation recognised by FINMA. It monitors compliance with the due-diligence duties. If a firm is organised as a company — for example a corporation — the company can join; membership then covers all professionals working there.

To preserve professional secrecy, AMLA supervision of lawyers and notaries is carried out by suitably qualified peers (para. 1). As a rule the review covers only system and organisation, without access to the files.

Access to protected documents is the exception (para. 3): it is considered only where there are objective indications of a breach of duty, the access is strictly necessary, and the person concerned has been released from professional secrecy by the client or a court.

In trading precious metals and gemstones, the cash-payment threshold above which due-diligence duties apply drops sharply. In real estate, the duties now apply to cash payments regardless of amount.

The transparency register under the TJPG obliges the company itself to report its true owners centrally. The AMLA remains independent of this: as an adviser in scope you continue to establish and verify the beneficial owners yourself.

The register is an additional source of information, not a substitute for your own review. If you find a discrepancy that casts doubt on accuracy, completeness or timeliness, report it within 30 days.