Advisory Services become Subject to the Anti-Money Laundering Act – What Now?

 

Which advisory activities are now covered by the AMLA?

The AMLA will now apply to advisors. Advisors are defined as natural and legal persons who, on a professional basis, assist third parties with financial transactions, including fundraising, in connection with the following specific legal transactions (Art. 2 para. 3bis revised AMLA):

• Purchase or sale of real estate;
• Incorporation or establishment of non-operating legal entities domiciled in Switzerland or domiciled abroad;
• Management or administration of non-operating legal entities;
• Capital contributions to and distributions from non-operating legal entities;
• Purchase or sale of legal entities, provided that the purchase or sale is carried out through a non-operating legal entity.

Advisors also include natural and legal persons who, on a professional basis, provide an address or premises as the registered office or domicile of legal entities for a period exceeding six months (Art. 2 para. 3ter revised AMLA).

It should be emphasised that only professional advisory services fall within the scope of the AMLA. The concept of acting on a professional basis is defined in Art. 12f of the revised Anti-Money Laundering Ordinance (AMLO). Advisory services are considered professional where they constitute an independent economic activity carried out for commercial gain.

Both the AMLA and the corresponding ordinance provide for various exemptions from the obligation to be subject to the AMLA. It is therefore recommended to determine, before the provisions enter into force, whether a particular activity falls within the scope of the AMLA.

 

Membership in a Recognised Self-Regulatory Organisation (Art. 12 lit. d revised AMLA)

If a company carries out a relevant activity, it must become a member of a recognised self-regulatory organisation ("SRO") (Art. 12 lit. d revised AMLA).

The list of SROs recognised by FINMA is available on FINMA's website.

Anyone carrying out advisory activities subject to the AMLA must submit an application for membership with an SRO within two months (Art. 12g para. 1 lit. b revised AMLO). Accordingly, the application must be submitted to an SRO by 1 December 2026.

Compliance with the AMLA due diligence obligations will be reviewed by an external audit firm, with the associated costs being borne by the advisor.

The transitional period is therefore very short. The necessary assessments and preparations should be initiated without delay.

 

Compliance with the Due Diligence Obligations for Advisors (Arts. 8b–8c revised AMLA)

Advisors must comply with the following AMLA obligations:

• Identification of the client;
• Identification of the beneficial owner;
• Documentation requirements;
• Reporting obligation to the Money Laundering Reporting Office.

The extent of the due diligence obligations depends on the risks associated with the transaction, the service provided, or the client. Advisors must identify the nature and purpose of the transaction or service requested by the client. They must also clarify the background and purpose of a transaction or service where this is justified by the higher risks associated with the transaction, the service, or the client.

The specific scope of the due diligence obligations will be further defined by the relevant self-regulatory organisation for its members.

No transitional periods are provided. These obligations must be complied with as of 1 October 2026.

 

Implementation of Organisational Measures

Advisors must implement the necessary organisational measures to prevent money laundering, terrorist financing, and breaches of sanctions imposed under the Embargo Act.

This expressly includes providing adequate staff training and implementing appropriate internal controls. Compliance with the applicable sanctions regime must also be ensured.

No transitional periods are provided. These obligations must be complied with as of 1 October 2026.

 

Action Required

You should determine without delay whether your advisory activities will become subject to the AMLA. If your advisory activities fall within the scope of the AMLA, an application for membership with a recognised self-regulatory organisation must be submitted by 1 December 2026.

From 1 October 2026, advisors must comply with the AMLA due diligence obligations. In addition, appropriate organisational measures (in particular staff training and internal controls) must be implemented.

 

BDO will be pleased to assist you with:

• Assessing your business model and services to determine whether they fall within the scope of the AMLA;
• Assisting with the selection of, and application for membership in, a recognised self-regulatory organisation;
• Establishing an AMLA compliance