¹ When establishing a business relationship, the financial intermediary must verify the identity of the customer on the basis of a document of evidentiary value. Where the customer is a legal entity, the financial intermediary must acknowledge the provisions regulating the power to bind the legal entity, and verify the identity of the persons who enter into the business relationship on behalf of the legal entity.³³

² In the case of cash transactions with a customer whose identity has not yet been identified, the duty to verify identity applies only if one transaction, or two or more transactions that appear to be connected, involve a considerable financial value.

³ Insurance institutions must verify the identity of the customer if the amount of a single premium, the regular premium or the total of the premiums involves a considerable financial value.

⁴ If in cases under paragraphs 2 or 3 there is any suspicion of money laundering or terrorist financing, the identity of the customer must be verified even if the relevant amounts have not been reached.³⁴

⁵ FINMA, the Federal Gaming Board (FGB), the Federal Department of Justice and Police (FDJP), the Federal Office for Customs and Border Security (FOCBS)³⁵ and the self-regulatory organisations shall determine what constitutes a considerable financial value within the meaning of paragraphs 2 and 3 in their respective fields and adjust such values as required.³⁶

¹ The financial intermediary must identify the beneficial owner with the due diligence required in the circumstances and verify its identity in order to ensure that it knows who the beneficial owner is.³⁸ If the customer is a listed company or a subsidiary over which a listed company has majority control, the identity of the beneficial owner need not be established.

² The financial intermediary must obtain a written declaration from the customer as to the identity of the individual who is the beneficial owner if:

a.

the customer is not the beneficial owner or if there is any doubt about the matter;

b.

the customer is a domiciliary company or an operating legal entity; or

c.

a cash transaction of considerable financial value in terms of Article 3 paragraph 2 is being carried out.

³ In the case of collective accounts or collective deposits, the financial intermediary must require the customer to provide a complete list of the beneficial owners and to give notice of any change to the list immediately.

¹ If doubt arises in the course of the business relationship as to the identity of the customer or of the beneficial owner, the verification of identity or establishment of identity in terms of Articles 3 and 4 respectively must be repeated.

² In the case of an insurance policy that may be surrendered, the insurance institution must also re-establish the identity of the beneficial owner if, in the event of a claim or the surrender of the policy, the person entitled to benefit is not the same person identified at the time that the insurance contract was concluded.

¹ The financial intermediary is required to ascertain the nature and purpose of the business relationship wanted by the customer. The extent of the information that must be obtained, the hierarchical level at which the decision to enter into or continue a business relationship must be taken and the regularity of checks are determined by the risk represented by the customer.

² The financial intermediary must clarify the economic background and the purpose of a transaction or of a business relationship if:

a.

the transaction or the business relationship appears unusual, unless its legality is clear;

b.⁴⁰

there are indications that assets are the proceeds of a felony or an aggravated tax misdemeanour under Article 305^bis number 1^bis SCC⁴¹ or are subject to the power of disposal of a criminal or terrorist organisation (Art. 260^ter SCC) or serve the financing of terrorism (Art. 260^quinquies para. 1 SCC);

c.

the transaction or the business relationship carries a higher risk;

d.⁴²

the data on a customer, a beneficial owner or an authorised signatory in a business relationship or transaction are identical or very similar to the data passed on to the financial intermediary under Article 22a paragraph 2 or 3.

³ Business relationships with foreign politically exposed persons and their family members or close associates in terms of Article 2a paragraph 2 are deemed in every case to be business relationships with a higher risk.

⁴ Business relationships with domestic politically exposed persons and politically exposed persons in international organisations and their family members or close associates in terms of Article 2a paragraph 2 are deemed when combined with one or more further risk criteria to be business relationships with a higher risk.

¹ The financial intermediary must keep records of transactions carried out and of clarifications required under this Act in such a manner that other specially qualified persons are able to make a reliable assessment of the transactions and business relationships and of compliance with the provisions of this Act.

^1bis The financial intermediary must periodically check the required records to ensure that they are up to date, and update them if need be. The periodicity, scope and type of checking and updating are based on the risk posed by the customer.⁴³

² The financial intermediary must retain the records in such a manner as to be able to respond within a reasonable time to any requests made by the prosecution authorities for information or for the seizure of assets.

³ After the termination of the business relationship or after completion of the transaction, the financial intermediary must retain the records for a minimum of ten years.

The financial intermediary may dispense with complying with the duties of due diligence (Art. 3-7) if the business relationship only involves assets of low value and there is no suspicion of money laundering or terrorist financing.

Financial intermediaries must take the measures that are required to prevent money laundering and terrorist financing in their field of business.⁴⁵ They must in particular ensure that their staff receive adequate training and that checks are carried out.

¹ Dealers under Article 2 paragraph 1 letter b must fulfil the following duties if they accept more than 100,000 francs in cash in the course of a commercial transaction:

a.

verification of the identity of the customer (Art. 3 para. 1);

b.

establishing the identity of the beneficial owner (Art. 4 para. 1 and 2 let. a and b);

c.

duty to keep records (Art. 7).

² They must clarify the economic background and purpose of a transaction if:

a.

it appears unusual, unless its legality is clear;

b.⁴⁷

there are indications that assets are the proceeds of a felony or an aggravated tax misdemeanour under Article 305^bis number 1^bis SCC⁴⁸ or are subject to the power of disposal of a criminal or terrorist organisation (Art. 260^ter SCC) or serve the financing of terrorism (Art. 260^quinquies para. 1 SCC).

³ Dealers are subject to the duties under paragraphs 1 and 2 even if the cash payment is made in two or more instalments and the individual instalments are less than 100,000 francs, but when added together exceed this amount.

⁴ They are not subject to the duties if the payments that exceed 100,000 francs are made through a financial intermediary.

⁵ The Federal Council shall specify the details of the duties under paragraphs 1 and 2 and stipulate how they are to be fulfilled.

¹ A financial intermediary must immediately file a report with the Money Laundering Reporting Office Switzerland (the Reporting Office) as defined in Article 23 if it:

a.

knows or has reasonable grounds to suspect that assets involved in the business relationship:

1.⁴⁹

are connected to an offence in terms of Article 260^ter or 305^bis SCC⁵⁰,

2.⁵¹

are the proceeds of a felony or an aggravated tax misdemeanour under Article 305^bis number 1^bis SCC,

3.⁵²

are subject to the power of disposal of a criminal or terrorist organisation, or

4.

serve the financing of terrorism (Art. 260^quinquies para. 1 SCC);

b.

terminates negotiations aimed at establishing a business relationship because of a reasonable suspicion as defined in letter a;

c.⁵³

knows or has reason to assume based on the clarifications carried out under Article 6 paragraph 2 letter d that the data on a person or organisation passed on under Article 22a paragraph 2 or 3 correspond to the data of a customer, a beneficial owner or an authorised signatory in a business relationship or transaction.⁵⁴

^1bis A dealer must immediately file a report with the Reporting Office if it knows or has reasonable grounds to suspect that cash payments made in the course of a commercial transaction:

a.⁵⁵

are connected to an offence under Article 260^ter or 305^bis SCC;

b.

are the proceeds of a felony or an aggravated tax misdemeanour under Article 305^bis number 1^bis SCC;

c.⁵⁶

are subject to the power of disposal of a criminal organisation; or

d.⁵⁷

serve the financing of terrorism (Art. 260^quinquies para. 1 SCC).⁵⁸

^1ter The name of the financial intermediary or dealer must appear in any report in accordance with paragraph 1. The identity of the financial intermediary's or dealer's staff who are in charge of the case may be made anonymous in the report, provided it is guaranteed that the Reporting Office and the competent prosecution authority are able to contact them without delay.⁵⁹

^1quater In the cases referred to in paragraph 1, reasonable grounds to suspect exist if the financial intermediary has specific evidence or several indications that paragraph 1 letter a may apply to the assets involved in the business relationship and this suspicion cannot be dispelled on the basis of additional clarifications in accordance with Article 6.⁶⁰

² Lawyers and notaries are not subject to the duty to report insofar as they are bound in their activities by professional secrecy in terms of Article 321 SCC.

¹ During the analysis conducted by the Reporting Office under Article 23 paragraph 2, the financial intermediary shall execute customer orders relating to the assets reported under Article 9 paragraph 1 letter a of this Act or under Article 305^ter paragraph 2 SCC⁶².

² The financial intermediary shall execute customer orders involving significant assets solely in a form that allows the prosecution authorities to follow their trail.⁶³

¹ If, following a report under Article 9 paragraph 1 letter a of this Act or under Article 305^ter paragraph 2 of the SCC⁶⁵, the Reporting Office does not inform the financial intermediary within 40 working days that it is transmitting the reported information to a prosecution authority, the financial intermediary may terminate the business relationship.

² The financial intermediary who decides to terminate the business relationship may permit the withdrawal of significant assets solely in a form that allows the prosecution authorities to follow their trail.

³ The termination of the business relationship and the date of termination must be notified to the Reporting Office without delay.

⁴ After the business relationship has been terminated, the prohibition on providing information under Article 10a paragraph 1 must continue to be complied with.

¹ The financial intermediary shall freeze the assets entrusted to it that are related to the report under Article 9 paragraph 1 letter a of this Act or under Article 305^ter paragraph 2 of the SCC⁶⁷ as soon as the Reporting Office informs it that it is transmitting the reported information to a prosecution authority.⁶⁸

^1bis It shall without delay freeze the assets entrusted to it that are related to the report under Article 9 paragraph 1 letter c.

² It shall continue to freeze the assets until it receives a ruling from the competent prosecution authority, but at most for five working days from the date on which the Reporting Office gives notice of transmitting the reported information under paragraph 1 or on which it filed the report with the Reporting Office under paragraph 1^bis.⁶⁹

¹ The financial intermediary is prohibited from informing the persons concerned or third parties that it has filed a report under Article 9 of this Act or under Article 305^ter paragraph 2 SCC⁷¹. The authorities and organisations responsible for supervision under Article 12 of this Act or under Article 43a of the Financial Market Supervision Act of 22 June 2007⁷² (FINMASA) and people who carry out audits within the framework of supervision are not deemed to be third parties.⁷³

² If the financial intermediary itself is unable to freeze the assets, it may inform the financial intermediary that is able to do so and which is subject to this Act.

³ The financial intermediary may also inform another financial intermediary subject to this Act that it has filed a report under Article 9 of this Act or under Article 305^ter paragraph 2 of the SCC, provided this is required in order to comply with duties under this Act and provided both financial intermediaries:⁷⁴

a.

provide joint services for one customer in connection with the management of that customer's assets on the basis of a contractual agreement to cooperate; or

b.

are part of the same corporate group.

^3bis The financial intermediary may also, under the conditions set out in Article 4^quinquies BankA⁷⁵, inform its parent company abroad that it has filed a report under Article 9 of this Act or under Article 305^ter paragraph 2 of the SCC, provided that company undertakes to comply with the prohibition on providing information. The supervisory authority of the parent company is not deemed to be a third party.⁷⁶

⁴ The financial intermediary who has been informed on the basis of paragraph 2 or 3 is subject to the prohibition of information in paragraph 1.

⁵ The dealer is prohibited from informing the persons concerned or third parties that it has filed a report under Article 9.⁷⁷

⁶ The prohibition on providing information under paragraphs 1 and 5 does not apply to protecting personal interests in the context of a civil action or criminal or administrative proceedings.⁷⁸

¹ Any person who in good faith files a report under Article 9 of this Act or who freezes assets in accordance with Article 10 may not be prosecuted for a breach of official, profession or trade secrecy or be held liable for breach of contract.

² This exclusion of prosecution and liability also applies to:

a.

financial intermediaries that file a report under Article 305^ter paragraph 2 of the SCC⁸⁰;

b.

audit firms that file a report under Article 15 paragraph 5;

c.

supervisory organisations in accordance with Article 43a of the FINMASA⁸¹ that file a report under Article 16 paragraph 1;

d.

self-regulatory organisations that file a report under Article 27 paragraph 4.⁸²

¹ If the Reporting Office requires additional information in order to analyse a report that it has received in accordance with Article 9 of this Act or Article 305^ter paragraph 2 SCC⁸⁴, the financial intermediary making the report must on request provide such information that is in its possession.

² If, based on this analysis, it becomes apparent that in addition to the financial intermediary making the report, other financial intermediaries are or were involved in a transaction or business relationship, the financial intermediaries involved must on request provide the Reporting Office with all related information that is in their possession.

^2bis If, on the basis of the analysis of information from a foreign reporting office, it becomes apparent that financial intermediaries subject to this Act are or have been involved in a transaction or business relationship in connection with this information, the financial intermediaries involved must, on request, disclose to MROS all related information to the extent that it is available to them.⁸⁵

³ The Reporting Office shall specify a deadline for the provision of information by the financial intermediaries concerned under paragraphs 1-2^bis.⁸⁶

⁴ The financial intermediaries are subject to the prohibition of information under Article 10a paragraph 1.

⁵ The exclusion of criminal and civil liability under Article 11 applies by analogy.

The following authorities and organisations shall supervise compliance by financial intermediaries with the duties set out in Chapter 2:⁸⁸

a.⁸⁹

for financial intermediaries under Article 2 paragraph 2 letters a to d^quater, FINMA;

b.⁹⁰

for financial intermediaries under Article 2 paragraph 2 letter e, the FGB;

b^bis.⁹¹

for financial intermediaries under Article 2 paragraph 2 letter f: the Intercantonal Supervisory and Executive Authority under Article 105 of the GamblA⁹² (the intercantonal authority);

b^ter.⁹³

for financial intermediaries under Article 2 paragraph 2 letter g: the Central Office for Precious Metals Control (the Central Office);

c.⁹⁴

for financial intermediaries under Article 2 paragraph 3, the recognised self-regulatory organisations (Art. 24).

¹ Financial intermediaries within the meaning of Article 2 paragraph 3 must be affiliated to a self-regulatory organisation.

² A financial intermediary within the meaning of Article 2 paragraph 3 is entitled to affiliate to a self-regulatory organisation if:

a.

the financial intermediary guarantees compliance with its duties in accordance with this Act by means of its internal regulations and organisation

b.

the financial intermediary enjoys a good reputation and guarantees compliance with its duties in accordance with this Act

c.

the persons responsible for its administration and management also meet the requirements of letter b; and

d.

its qualified participants enjoy a good reputation and guarantee that their influence is not detrimental to prudent and sound business operations.

³ The self-regulatory organisation may make affiliation conditional on the financial intermediary operating in specific sectors.

¹ Dealers with duties of due diligence under Article 8a must appoint an audit firm to verify whether they are complying with their duties under Chapter 2.⁹⁸

² Audit firms under Article 6 of the Auditor Oversight Act of 16 December 2005⁹⁹ which have the required expertise and experience may be appointed as an audit firm.¹⁰⁰

³ The dealers must provide the audit firm with all the information and documents required to conduct the audit.¹⁰¹

⁴ The audit firm shall verify compliance with the duties under this Act and prepare a report thereon for the attention of the responsible management bodies of the dealer audited.¹⁰²

⁵ If a dealer fails to comply with its duty to report, the audit firm shall immediately file a report with the Reporting Office if it has reasonable grounds to suspect that:¹⁰³

a.¹⁰⁴

an offence under Article 260^ter or 305^bis SCC¹⁰⁵ has been committed;

b.

assets are the proceeds of a felony or an aggravated tax misdemeanour under Article 305^bis number 1^bis SCC;

c.¹⁰⁶

assets are subject to the power of disposal of a criminal or terrorist organisation; or

d.¹⁰⁷

assets serve the financing of terrorism (Art. 260^quinquies para. 1 SCC).

¹ FINMA, the FGB, the intercantonal authority, the Central Office and the supervisory organisations shall immediately submit a report to the Reporting Office if they have reasonable grounds to suspect that:¹¹⁰

a.¹¹¹

a criminal offence under Article 260^ter, 305^bis or 305^ter SCC¹¹² has been committed;

b.¹¹³

assets are the proceeds of a felony or an aggravated tax misdemeanour under Article 305^bis number 1^bis SCC;

c.¹¹⁴

assets are subject to the power of disposal of a criminal or terrorist organisation; or

d.¹¹⁵

assets serve the financing of terrorism (Art. 260^quinquies para. 1 SCC).

² This duty applies only if the financial intermediary or the self-regulatory organisation has not already submitted a report.

³ The supervisory organisation shall submit a copy of the report to FINMA at the same time.¹¹⁶

¹ Ordinances specifying the duties of due diligence defined in Chapter 2 and under the gambling legislation shall be issued by:

a.

FINMA for financial intermediaries under Article 2 paragraph 2 letters a to d^quater;

b.

the FGB for financial intermediaries under Article 2 paragraph 2 letter e;

c.

the FDJP for financial intermediaries under Article 2 paragraph 2 letter f;

d.

the FOCBS for financial intermediaries under Article 2 paragraph 2 letter g.

² These authorities shall determine how the duties of due diligence are to be fulfilled. They may recognise corresponding self-regulation.

¹ FINMA shall have the following duties in terms of its supervision of the financial intermediaries under Article 2 paragraph 3:¹²¹

a.

it recognises the self-regulatory organisations or withdraws such recognition;

b.¹²²

it supervises the self-regulatory organisations;

c.

it approves the regulations issued by the self-regulatory organisations in accordance with Article 25 and any amendments thereto;

d.

it ensures that the self-regulatory organisations enforce their regulations;

e. and f.¹²³

...

² ...¹²⁴

³ In order to preserve professional secrecy, self-regulatory organisations shall arrange for inspections under this Act (AMLA inspections) to be carried out on lawyers by lawyers and on notaries by notaries.¹²⁵

⁴ The lawyers and notaries instructed to carry out AMLA inspections must meet the following requirements:

a.

lawyer's or notary's practising certificate;

b.

guarantee of that inspections will be carried out properly;

c.

proof of the relevant knowledge of AMLA, practical experience and continuing professional development;

d.

independence from the member being checked.¹²⁶

¹ FINMA shall maintain a directory of the financial intermediaries under Article 2 paragraph 3 that are affiliated to a self-regulatory organisation. This directory shall be publicly accessible online.

² FINMA shall make the data available via remote access.

¹ FINMA may take supervisory action in accordance with Articles 29 to 37 of the FINMASA¹³² against financial intermediaries who fail to comply with the duty to be affiliated to a recognised self-regulatory organisation in accordance with Article 14 paragraph 1.

² It may order the liquidation of legal entities and general and limited partnerships, and the deletion of sole proprietorships from the commercial register.

¹ The Federal Department of Finance (FDF) shall pass on to FINMA, the FGB, the intercantonal authority and the Central Office data which it has received from another State and which have been published by that State on persons and organisations that have been placed on a list in the State concerned on the basis of United Nations Security Council Resolution 1373 (2001)¹³⁵ due to terrorist activities or support thereof.¹³⁶

² FINMA shall pass on the data received from the FDF to:

a.¹³⁷

the financial intermediaries under its supervision in accordance with Article 2 paragraph 2 letters a and b-d^quater;

b.¹³⁸

the supervisory organisations for the attention of the financial intermediaries in accordance with Article 2 letter a^bis that are subject to their ongoing supervision;

c.

the self-regulatory organisations for the attention of the financial intermediaries affiliated to them.

³ The FGB, the intercantonal authority and the Central Office shall pass on the data received from the FDF to the financial intermediaries under their supervision in accordance with Article 2 paragraph 2 letters e to g.¹³⁹

⁴ The FDF shall not pass any data on to FINMA, the FGB, the intercantonal authority or the Central Office if, after consulting the Federal Department of Foreign Affairs, the FDJP, the Federal Department of Defence, Civil Protection and Sport and the Federal Department of Economic Affairs, Education and Research, it must assume that human rights or principles of the rule of law would be violated.¹⁴⁰

¹ The Federal Office of Police¹⁴¹ shall manage the Money Laundering Reporting Office Switzerland (the Reporting Office).

² The Reporting Office shall examine and analyse the reports received. If necessary, it shall obtain additional information in accordance with Article 11a.¹⁴².

³ It shall maintain its own information system to combat money laundering and its predicate offences, organised crime and terrorist financing.¹⁴³

⁴ It must notify the responsible prosecution authority immediately if it has reasonable grounds to suspect that:

a.¹⁴⁴

an offence as defined in Articles 260^ter Number 1, 305^bis or 305^ter SCC¹⁴⁵ has been committed;

b.¹⁴⁶

assets are the proceeds of a felony or an aggravated tax misdemeanour under Article 305^bis number 1^bis SCC;

c.¹⁴⁷

assets are subject to the power of disposal of a criminal or terrorist organisation; or

d.

assets serve the financing of terrorism (Art. 260^quinquies para. 1 SCC).¹⁴⁸

⁵ If it transmits the information reported by a financial intermediary under Article 9 paragraph 1 letter a of this Act or under Article 305^ter paragraph 2 of the SCC to a prosecution authority, it shall inform the financial intermediary thereof, provided the financial intermediary has not terminated the business relationship in accordance with Article 9b.¹⁴⁹

⁶ ….¹⁵⁰

¹ Organisations are recognised as self-regulatory organisations if they:

a.

have regulations in accordance with Article 25;

b.

supervise their affiliated financial intermediaries with regard to compliance with their duties in terms of Chapter 2; and

c.

provide the guarantee of irreproachable business conduct and ensure that the persons and audit firms they instruct to carry out inspections:¹⁵¹

1.

possess the required specialist knowledge,

2.

provide the required guarantees that inspections will be carried out properly, and

3.

are independent of the management and administration of financial intermediaries being inspected;

d.¹⁵²

ensure that the audit firms they instruct to carry out inspections and lead auditors fulfil the requirements under Article 24a.

² The self-regulatory organisations of the licensed transport undertakings under the Public Transport Act of 20 March 2009¹⁵³ must be independent of their respective managements.¹⁵⁴

Art. 24a¹⁵⁵ Licensing of audit firms and lead auditors

¹ The self-regulatory organisation shall grant the audit firms and lead auditors the necessary licence and supervise their activity.

² The audit firm shall be licensed if:

a.

it is licensed as an auditor by the Federal Audit Oversight Authority in accordance with Article 6 of the Auditor Oversight Act of 16 December 2005¹⁵⁶;

b.

it is adequately organised for this audit; and

c.

it does not perform any other activity requiring authorisation under the financial market acts in accordance with Article 1 paragraph 1 of the FINMASA¹⁵⁷.

³ The lead auditor shall be licensed to lead audits in accordance with paragraph 1 if he or she:

a.

is licensed as an auditor by the Federal Audit Oversight Authority in accordance with Article 5 of the Auditor Oversight Act;

b.

has the necessary specialist knowledge and the necessary practical experience for performing audits in accordance with paragraph 1.

⁴ Article 17 of the Auditor Oversight Act applies by analogy to the self-regulatory organisation's withdrawal of the licence granted to audit firms and lead auditors in accordance with paragraph 1, as well as to its issuing of a reprimand.

¹ Self-regulatory organisations must issue regulations.

² The regulations shall specify the duties of diligence of their affiliated financial intermediaries within the meaning of Chapter 2 and stipulate how these duties must be fulfilled.

³ They shall further stipulate:

a.

the requirements for the affiliation and exclusion of financial intermediaries;

b.

how compliance with the duties in terms of Chapter 2 is monitored;

c.

appropriate penalties.

¹ The self-regulatory organisations must maintain lists of their affiliated financial intermediaries and of persons to whom they refuse affiliation.

² They must notify FINMA of these lists and of any amendments thereto.¹⁵⁸

¹ FINMA may provide for financial intermediaries in accordance with Article 2 paragraph 3 that are Swiss group companies of a financial intermediary in accordance with Article 2 paragraph 2 letters a-d^quater that proof of compliance with the obligations specified in Chapter 2 may be provided in the audit report for the group.¹⁶⁰

² FINMA shall publish a list of group companies in accordance with paragraph 1.

¹ The self-regulatory organisations and FINMA may mutually exchange any information or documents that they require in order to fulfil their duties.

² The self-regulatory organisations shall notify FINMA of:

a.

terminations of memberships;

b.

decisions on the refusal of affiliation;

c.

decisions to exclude and the reasons therefor;

d.

the opening of sanctions proceedings that may end in exclusion.

³ They shall provide FINMA with a report at least once each year on their activities in terms of this Act together with a list of decisions on sanctions issued during the period covered by the report.

⁴ They shall immediately submit a report to the Reporting Office if they have reasonable grounds to suspect that:¹⁶³

a.¹⁶⁴

a criminal offence under Article 260^ter or 305^bis of the Swiss Criminal Code¹⁶⁵ has been committed;

b.¹⁶⁶

assets are the proceeds of a felony or an aggravated tax misdemeanour under Article 305^bis number 1^bis SCC;

c.¹⁶⁷

assets are subject to the power of disposal of a criminal or terrorist organisation; or

d.¹⁶⁸

assets serve the financing of terrorism (Art. 260^quinquies para. 1 SCC).

⁵ The duty under paragraph 4 does not apply if a report has already been filed by a financial intermediary affiliated to a self-regulatory organisation.

¹ FINMA shall not withdraw recognition from a self-regulatory organisation under Article 37 of the FINMASA¹⁷⁰ without prior warning.

² If a self-regulatory organisation has its recognition withdrawn, its affiliated financial intermediaries must submit a request for affiliation with another self-regulatory organisation within two months.¹⁷¹

³ and ⁴ ...¹⁷²

¹ FINMA, the FGB, the intercantonal authority, the Central Office and the Reporting Office may provide each other with any information they require for the application of this Act.¹⁷⁴

² The federal, cantonal and communal authorities shall if requested by the Reporting Office or the central offices of the Federal Criminal Police pass on to the Reporting Office or the said central offices all the data required for the analyses in relation to combating money laundering, its predicate offences, organised crime or the financing of terrorism.¹⁷⁵ The data include in particular financial information and other sensitive personal data obtained in criminal, administrative criminal and administrative proceedings, including those from pending proceedings.¹⁷⁶

^2bis The Reporting Office may provide, on a case-by-case basis, the authorities referred to in paragraph 2 with information in individual cases provided the authorities use the information exclusively for combating money laundering, its predicate offences, organised crime or the financing of terrorism. Article 30 paragraphs 2-5 applies by analogy.¹⁷⁷

^2ter The Reporting Office may only pass on information from foreign reporting offices with their express consent to the authorities referred to in paragraphs 1 and 2 for the purposes specified in paragraph 2^bis.¹⁷⁸

³ The Reporting Office shall inform FINMA, the FGB, the intercantonal authority and the Central Office of the decisions of the cantonal prosecution authorities.¹⁷⁹

¹ The prosecution authorities shall notify the Reporting Office without delay of any pending proceedings connected with Articles 260^ter, 260^quinquies paragraph 1, 305^bis and 305^ter paragraph 1 SCC¹⁸¹.¹⁸² They shall provide the Reporting Office without delay with judgements and decisions on the closure of proceedings, including the grounds therefor.

² They shall also notify the Reporting Office without delay of rulings that they have issued on the basis of a report from the Reporting Office.

^2bis They shall use the information passed on by the Reporting Office in accordance with the conditions laid down by the Reporting Office in each individual case in accordance with Article 29 paragraph 2^ter.¹⁸³

³ They may provide FINMA, the FGB, the intercantonal authority and the Central Office with all the information and documents they request in the course of performing their task, provided that this is not prejudicial to the criminal proceedings.¹⁸⁴

⁴ FINMA, the FGB, the intercantonal authority and the Central Office shall coordinate any interventions in relation to a financial intermediary with the competent prosecution authorities. They shall consult the competent prosecution authorities before passing on any information or documents received.¹⁸⁵

¹ The Reporting Office may exchange with the supervisory organisations and self-regulatory organisations all information that is necessary for the application of this Act.

² It may only pass on information from prosecution authorities with their express consent to supervisory organisations and self-regulatory organisations.

³ It may only pass on information from foreign reporting offices with their express consent and exclusively for the purposes specified in Article 29 paragraph 2^bis to supervisory organisations and self-regulatory organisations.

¹ The Reporting Office may pass on the personal data and other information that are in its possession or that it may obtain under this Act to a foreign reporting office provided that office:

a.

guarantees that it will use the information solely for the purpose of analysis in the context of combating money laundering and its predicate offences, organised crime or terrorist financing;

b.

guarantees that it will reciprocate on receipt of a similar request from Switzerland;

c.

guarantees that official and professional secrecy will be preserved;

d.

guarantees that it will not pass on the information received to third parties without the express consent of the Reporting Office; and

e.

will comply with the conditions and restrictions imposed by the Reporting Office.

² It may pass on the following information in particular:

a.¹⁸⁸the name of the financial intermediary or the dealer, provided the anonymity is preserved of the person making the report or who has complied with a duty to provide information under this Act;

b.

account holders, account numbers and account balances;

c.

beneficial owners;

d.

details of transactions.

³ Information is passed on in the form of a report.

⁴ The Reporting Office may consent to information being passed on by the foreign reporting office to a third authority provided the latter guarantees that:

a.

it will use the information solely:

1.

for the purpose of analysis in the context of combating money laundering and its predicate offences, organised crime or terrorist financing, or

2.

to institute criminal proceedings relating to money laundering and its predicate offences, organised crime or terrorist financing or to obtain evidence in response to a request for mutual assistance relating to such criminal proceedings;

b.

they will not use the information to prosecute offences that are not offences predicate to money laundering under Swiss law;

c.

they will not use the information in evidence; and

d.

they will preserve official or professional secrecy.

⁵ If the request to pass on the information to a foreign third authority concerns a matter that is the subject of criminal proceedings in Switzerland, the Reporting Office shall first obtain the consent of the public prosecutor's office responsible for the proceedings.

⁶ The Reporting Office is entitled to make more detailed arrangements on the modalities of cooperation with foreign reporting offices.

A request for information from a foreign reporting office shall not be granted if:

a.

the request has no connection with Switzerland;

b.

the request requires the application of procedural compulsion or other measures or acts for which Swiss law stipulates mutual assistance procedures or another procedure regulated in special legislation or an international treaty;

c.

national interests or public security and order will be prejudiced.

Unless this Act provides otherwise in relation to data processing and administrative assistance provided by the Reporting Office, the first and fourth sections of the Federal Act of 7 October 1994¹⁹¹ on the Central Offices of the Federal Criminal Police apply by analogy.

¹ The cooperation of the Reporting Office with foreign prosecution authorities is governed by Article 13 paragraph 2 of the Federal Act of 7 October 1994¹⁹³ on the Central Offices of the Federal Criminal Police.

² ...¹⁹⁴

³ The name of the person who made the report on behalf of the financial intermediary or the dealer or who complied with the duty to provide information under Article 11a may not be passed on by the Reporting Office to foreign prosecution authorities.¹⁹⁵