I. List-keeping requirement (para. 1)

1 Based on Article 26 para. 1 AMLA, self-regulatory organizations (SROs) must maintain lists of affiliated financial intermediaries and of those persons who have been refused membership.

A. Purpose of the lists

2 By requiring that complete and up-to-date lists be kept for the attention of FINMA, the legislator aims to ensure seamless control over the supervisory relationships.

3 These lists are of central importance to FINMA in the context of its statutory supervisory mandate under the Anti-Money Laundering Act (Art. 1 let. f FINMASA): by comparing these lists, FINMA can check whether a financial intermediary has fulfilled its duty of affiliation under Art. 14 para. 1 AMLA or whether there are indications of illegal activity under the Anti-Money Laundering Act. In the latter case, based on Article 20 para. 1 AMLA, FINMA has the supervisory instruments at its disposal in accordance with Articles 29–37 FINMASA; in addition, based on Article 20 para. 2 AMLA, it has the option of ordering the financial intermediary's liquidation.

4 Furthermore, FINMA relies on these lists to fulfil its duty under Art. 18a para. 1 AMLA. According to this provision, FINMA maintains a directory of financial intermediaries under Art. 2 para. 3 AMLA that are affiliated to a self-regulatory organization. Art. 18a para. 1 AMLA supplements Art. 23 para. 2 FINMASA, which stipulates that FINMA maintains a public register of all supervised institutions: Since financial intermediaries who are members of an SRO are not considered as supervised persons within the meaning of the FINMASA, Art. 18a para. 1 AMLA was introduced to ensure the completeness of the FINMA directory.

B. Publication

5 The SRO is not obliged to publish the lists. This obligation falls exclusively to FINMA, and only with regard to financial intermediaries affiliated with an SRO (Art. 23 para. 2 FINMASA in conjunction with Art. 18a para. 1 AMLA). However, nothing prevents an SRO from providing for the publication of the list of members in its statutes or regulations, or from allowing such publication with the express consent of the member concerned. However, such a list of members may only include the supervised financial intermediaries. The publication of lists of rejected applicants would lack any legal basis, if only because the statutes only apply to members and have no legal effect on rejected applicants.

C. Legal nature

6 Despite their legal significance, the lists maintained by the SROs on the basis of this provision have a purely declaratory effect. The SRO's decisions on admission or exclusion are decisive, as these are constitutive. Membership of the SRO therefore begins or ends on the date of the SRO's legally binding decision. This means that, in the case of incomplete or inaccurate lists, duly affiliated financial intermediaries are not prevented from lawfully carrying out their activities. Conversely, an excluded financial intermediary cannot claim that it is still included on a list.

II. Transmission requirement (para. 2)

7 In addition to the duty to keep lists in accordance with Art. 26, para. 1 AMLA, SROs are obliged under Art. 26, para. 2 AMLA to notify FINMA of these lists and of any changes to them.

A. Addressees

8 The law only provides for this provision to apply to SROs. If a financial intermediary that has been newly admitted by an SRO or an applicant that has been rejected informs FINMA of its status, this will have no effect, as FINMA is not permitted to take into account such reports from persons who are not subject to its supervision.

B. Frequency

1. Principle

9 The lists of affiliated financial intermediaries and rejected applicants are to be aggregated and sent to FINMA on a quarterly basis.

10 In addition, based on Art. 26 and Art. 27, Para. 2 AMLA and the FINMA Circular 2008/17 (formerly the Circular of the AMLA Control Authority 2006/1), the SRO is entitled and obliged to report further information to FINMA without delay regarding the number of affiliated financial intermediaries (2.) or rejected applicants (3.). The exceptions are set out below.

2. Immediate reporting requirements in the event of changes

a. When new members are admitted

11 In addition to the ordinary quarterly report, the SRO is entitled to report the admission of a financial intermediary to FINMA at any time, provided this is in the interest of the financial intermediary. Furthermore, the SRO is obliged to report to FINMA immediately after affiliation if it knows or must assume on the basis of the circumstances that the affiliated financial intermediary has violated the obligations of Art. 11, para. 1, let. b AMLO. This is the case if the financial intermediary has failed to submit an application for affiliation to an SRO within two months of commencing his professional activity.

b. Upon withdrawal

12 In addition to the ordinary quarterly report, the SRO is obliged to report the termination of membership to FINMA immediately after the membership has ended, provided that the SRO knows or must assume that the terminating member will continue to pursue a professional activity. The letter of termination must be enclosed with the report.

c. In the event of exclusion

13 The SRO shall report exclusion decisions to FINMA without delay as soon as the first-instance decision has been issued, provided that any appeal has been withdrawn or after the first-instance decision has become legally binding or the arbitration court ruling in all other cases. The reasons for the decision must be enclosed with the report if available.

3. Immediate reporting requirements for rejected applicants

14 If the SRO refuses to admit an applicant, it shall report this to FINMA immediately after the first-instance decision has been issued, enclosing the reasons if these are available. If the SRO knows or must assume that a financial intermediary to which affiliation has been refused is or was operating in violation of Art. 11 para. 1 let. b AMLO, it shall report this to FINMA as part of the notification mentioned in the previous sentence, providing all relevant information known to the SRO.

C. Form

15 There are currently no specific rules for the electronic exchange between FINMA and the SRO. However, the digital platforms of FINMA, which have been continuously expanded in recent years, have considerably facilitated and promoted the electronic transmission of data.

Bibliography

de Capitani Werner, in: Schmid Niklaus (Hrsg.), Kommentar Einziehung, Organisiertes Verbrechen, Geldwäscherei, Band II, Zürich 2002.

Jain Vivien/Frigo Patrick, Kommentierung zu Art. 18a GwG, in: Peter Ch. Hsu/Daniel Flühmann (Hrsg.), Basler Kommentar, Geldwäschereigesetz, Basel 2021.

Neese Martin, Kommentierung zu Art. 26 GwG, in: Peter Ch. Hsu/Daniel Flühmann (Hrsg.), Basler Kommentar, Geldwäschereigesetz, Basel 2021.

Ramelet Nicolas, Kommentierung zu Art. 26 GwG, in: Peter V. Kunz/Thomas Jutzi/Simon Schären (Hrsg.), Stämpflis Handkommentar (SHK) zum Geldwäschereigesetz (GwG), Bern/Zürich 2017.

Zufferey Jean-Baptiste, Kommentierung zu Art. 26 GwG, in: Cassani Ursula/Bovet Christian/Villard Katia (Hrsg.), Commentaire Romand, Loi sur le blanchiment d’argent, Basel 2022.

Materials

Association romande des intermédiaires financiers (ARIF), Liste des membres, abrufbar unter https://arif.ch/membres/liste-des-membres-2/, besucht am 23.8.2024.

Botschaft zum Bundesgesetz zur Bekämpfung der Geldwäscherei im Finanzsektor (Geldwäschereigesetz, GwG) vom 17.6.1996, BBl 1996 III 1101, abrufbar unter https://www.fedlex.admin.ch/eli/fga/1996/3_1101_1057_993/de, besucht am 23.8.2024.

Eidgenössische Finanzmarktaufsicht (FINMA), Rundschreiben 2008/17 Informationsaustausch zwischen den SRO und der FINMA betreffend Anschlüsse, Ausschlüsse und Austritte von Finanzintermediären vom 20.11.2008, abrufbar unter https://www.finma.ch/de/~/media/finma/dokumente/dokumentencenter/myfinma/rundschreiben/finma-rs-2008-17.pdf?sc_lang=de&hash=71FFD4758724C36DBC692710A9C8477B, besucht am 23.8.2024.

Eidgenössische Finanzverwaltung (EFV), Kontrollstelle GwG, Rundschreiben 2006/1 Informationsaustausch zwischen den SRO und der Kontrollstelle betreffend Anschlüsse, Ausschlüsse und Austritte von Finanzintermediären vom 10.4.2006, abrufbar unter https://www.finma.ch/finmaarchiv/gwg/d/dokumentationen/gesetze_und_regulierung/rundschreiben/index.php, besucht am 23.8.2024.

Schweizerische Aktiengesellschaft für Aufsicht (AOOS), Liste der angeschlossenen Finanzintermediäre, abrufbar unter https://www.aoos.ch/de/angeschlossene-sro, besucht am 23.8.2024.

Selbstregulierungsorganisation des Schweizerischen Leasingverbandes SRO/SLV, Liste der Mitglieder, abrufbar unter https://www.leasingverband.ch/de/schweizerischer-leasingverband-slv/ueber-uns/mitglieder/index.html, besucht am 23.8.2024.

Selbstregulierungsorganisation Schweizerischer Treuhandverband (SRO-Treuhand|Suisse), Mitgliederliste 2024, abrufbar unter https://sro-treuhandsuisse.ch/de/sro-treuhandsuisse/mitgliederliste-der-sro-treuhandsuisse, besucht am 23.8.2024.

Verein Selbstregulierungsorganisation des Schweizerischen Versicherungsverbandes (SRO-SVV), Mitgliederliste, abrufbar unter https://www.sro-svv.ch/de/ueber-uns/mitglieder, besucht am 23.8.2024.