Answer ... The Swiss Financial Market Supervisory Authority (FINMA) is Switzerland’s financial markets regulator.
FINMA supervises the financial institutions to which it has granted a licence to engage in financial activity (eg, banks, insurers, managers of collective assets, fund managements companies, securities firms and financial markets infrastructure providers) and monitors their compliance with the AML legislation.
It has many different enforcement tools, including:
- prohibition from practising a profession;
- publication of a supervisory ruling;
- confiscation; and
- revocation of a licence.
Portfolio managers and trustees are also licensed and supervised by FINMA. However, their ongoing supervision (including AMLA duties) is performed by a supervisory organisation (SO), which is approved and supervised by FINMA. In the event of irregularities, the SO can set a deadline to comply with the law. If the breach is not resolved, the SO cannot sanction itself but will notify FINMA, which can exercise its enforcement power.
The SNB plays an important role in relation to financial markets infrastructure, both in Switzerland and also, in certain circumstances, abroad. The SNB focuses in particular on financial infrastructure that is designated as systemically important (eg, the Swiss Interbank Clearing payment system operated by SIX Interbank Clearing on the SNB’s behalf).
According to the AMLA, casinos as defined in the Federal Gambling Act are financial intermediaries. The Swiss Federal Gaming Board is the regulator of casinos and monitors their compliance with AML obligations.
Promoters of large-scale games under the Swiss Federal Gaming Board are also financial intermediaries under the AMLA. The Swiss Gambling Supervisory Authority supervises large-scale gambling operators, including money-laundering risks.
The Central Office for Precious Metals Control supervises the compliance of trade assayers and group companies with their obligations under the AMLA.