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Practice areas | Analysis of the activity's compliance with the legal provisions relating to the fight against money laundering

Analysis of the activity's compliance with the legal provisions relating to the fight against money laundering

Anti-money laundering legislation is evolving rapidly and is systematically accompanied by stricter requirements for financial industry players. This evolution requires constant effort in order to have the latest information and to adapt accordingly the internal processes for compliance and risk management.

The financial intermediary is obliged to adopt the necessary organisational measures in order to prevent money laundering and terrorist financing. Adoption of these measures guarantees the implementation of the due diligence obligations and compliance of rules of conduct laid down by the Federal Law on Anti Money Laundering and Combating Terrorist Financing (AML/CFT).
These organizational measures include the establishment of internal guidelines, effective monitoring of transactions and adequate training of staff. The AML thus imposes an obligation on financial intermediaries to train their employees. They must ensure that their staff receive sufficient training. This must cover the due diligence obligations arising from AML, particularly in the identification of the third-party contractor, determination of beneficiary, the duties of clarification and documentation as well as the measures to be taken in the event of suspicion of money laundering.

In view of the strict supervision established by Swiss law, to which all financial actors are subjected to, poorly executed or incompletely fulfilled compliance or risk management obligations can have serious repercussions. In the worst case, a criminal investigation or a decision to withdraw the licence or even a ban may be imposed.
The law imposes constant vigilance on all financial intermediaries, who must be beyond reproach. The higher the level of compliance is practiced, the more the organisation limits its exposure to risks, particularly in the fight against money laundering.

Watt law supports and advises you at every phase of your project by offering you financial intermediation services.