Changes to Money Laundering Directive Will Impose Swiss Beneficial Ownership checks

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Switzerland has officially commenced proceedings to start a consultation on amending the Anti-Money Laundering Act, to include recommendations from the FATF (Financial Action Task Force’s) evaluation report from 2016 that produced a report specifically for the country.

The amendments will implement various due diligence measures for certain services regarding the formation, organisation and administration of companies and trust funds & associations at risk of being misused for the terrorist financing (mostly international charities). Including an additional fee for all Swiss financial intermediaries in order to verify and maintain up-to-date registers for beneficial ownership information.