Advisors in Focus – Revision of the Swiss Anti-Money Laundering Act

On 15 October 2025, the Federal Council presented a draft of the implementing ordinance on the transparency register (LETO) and opened the consultation process, which will run until 30 January 2026. In this context, the implementing ordinance of the AMLA (AMLO) is also to be amended.

All these measures are aimed at increasing transparency in ownership and control structures, strengthening the effectiveness of anti-money laundering measures and align Switzerland with international standards – in particular the recommendations of the Financial Action Task Force (FATF) and EU/EEA-practice.

These legislative measures, including the implementing ordinances, are expected to come into force as early as mid-2026.

Overview of the new Obligations for Advisors under AMLA and AMLO

The scope of the AMLA is now extended to include ‘advisors’ if they are professionally involved in certain legal transactions that are typically associated with increased money laundering risks. The following financial transactions are covered in particular:

• Certain transactions in connection with non-operational legal entities, in particular domiciliary companies;
• Certain real estate transactions;
• Provision of domicile or registered office to other legal entities.

The involvement of advisors in such transactions is not prohibited. The key lies in risk-based prevention of money laundering and terrorist financing. Advisors are therefore subject to due diligence obligations in connection with risky transactions in accordance with the provisions of the AMLA and the revised AMLO. These include identifying their clients, determining the beneficial owners, documenting their findings and clarifying the desired transaction or service provided by the advisor.

Subjected advisors are now also required to take the necessary organisational measures within their corporate structure and to join a FINMA-recognised self-regulatory organisation (SRO) which supervises the advisors’ compliance with the aforementioned AMLA due diligence obligations.

If there is reasonable suspicion of certain criminal offences or aggravated tax misdemeanours, advisors are generally obliged to report this immediately to the Money Laundering Reporting Office (MROS).

Regulation in the Area of Conflict between International Standards and Professional Secrecy

The extension of AMLA due diligence obligations to advisors in Switzerland is driven by stricter international standards, particularly the requirements of the FATF. The FATF is a global organisation with around 40 member states, including Switzerland since 1990. It defines standards for combating money laundering and regularly reviews their implementation. In many countries around the world, advisors involved in certain legal transactions that carry a risk of money laundering are already subject to similar due diligence obligations to prevent money laundering and terrorist financing.

Back in 2019, the Federal Council submitted a similar draft revision of the AMLA to the Swiss Parliament, but it did not receive support. At the time, the main criticism was that it did not take sufficient account of lawyers’ professional secrecy and the principle of risk-based money laundering prevention.

The currently adopted revision of the AMLA has limited the originally broad catalogue of regulated advisory services to those that typically involve increased risks of money laundering and terrorist financing. At the same time, the representation and advising of clients by lawyers and notaries in connection with litigation has been excluded from the scope of the AMLA. The protection of professional secrecy for lawyers and notaries has also been taken into account in other areas of the AMLA, in particular regarding reporting obligations in cases of reasonable suspicion of certain criminal offences or aggravated tax misdemeanours, as well as in AMLA controls by the supervisory SROs.

This article is intended to provide an initial overview of the new provisions of the AMLA and the draft of the revised AMLO.

Definition of Advisor

The definition of advisor in the AMLA is not limited to a list of specific professions according to their conventional definition. Rather, the focus is on specific services associated with increased risks. Lawyers, notaries, trustees and providers of domicile and registered office services for legal entities are typical targets of this revision of the AMLA in practice. However, representatives of other professional groups may also be subject to the AMLA if they act as advisors according to the following definition.

Advisors are defined as natural persons and legal entities, including notaries in a public-law employment relationship, who professionally assist third parties in financial transactions, including fundraising in connection with the following specific legal transactions:

• Purchase and sale of real estate, including legal transactions that have the same economic effect in terms of the power of disposal over a property, certain significant encumbrances on the property and the transfer of participation rights in real estate companies;
• Transactions in connection with non-operational legal entities (in particular domiciliary companies) based in Switzerland, such as their incorporation and establishment, management and administration, as well as contributions and distributions by non-operational legal entities;
• Formation and establishment of legal entities abroad;
• Purchase and sale of legal entities by non-operational legal entities.

The scope of application of the AMLA covers any causal activity of the advisor that contributes to one of the aforementioned legal transactions, without which the transaction would not be implemented, including advising.

Natural persons and legal entities that professionally provide addresses or premises as a domicile or registered office for legal entities for a period of more than six months are also considered advisors.

Professional Activity of Advisors

Only the professional involvement of advisors in the above-mentioned legal transactions is subject to the AMLA.

The criteria for the professional exercise of AMLA-relevant activities by advisors are defined in art. 12f et seq. of the revised AMLO. Advising is considered professional if it constitutes an independent, profit-oriented economic activity. It is irrelevant whether the advising is carried out as a main or secondary activity.

Anyone switching to a professional advisory activity must immediately comply with the AMLA due diligence obligations and, within two months of the switch, submit an application for membership to an SRO or notify the competent supervisory authority or organisation of their advising activity.

Exceptions to the Scope of the AMLA

Advising within a Group of Companies and Associates of Advisors

Employees of a company that provides services to other companies within the same group are not considered advisors under the revised AMLO.

Associates of advisors who themselves have a license to practice in Switzerland or who are affiliated to an SRO are not themselves advisors subject to the AMLA, provided that they:

• are carefully selected by the advisor and are subject to the latter’s instructions and control;
• are included in the organisational measures of the advisor pursuant to article 8d AMLA and receive appropriate training and further education;
• act exclusively on behalf of the advisor and for the advisor’s account;
• are remunerated by the advisor and not by the end customer; and
• have concluded a written agreement with the advisor regarding compliance with the above requirements.

Activity-related Exemptions

Lawyers and notaries are exempt from the scope of the AMLA when representing or advising clients in connection with court, criminal, administrative or arbitration proceedings. Advice provided during the preparation and follow-up of such proceedings (e.g. clarification of facts or enforcement of results from proceedings) is also not covered by the AMLA.

Natural persons and companies licensed or supervised under the Auditor Oversight Act (AOA) are also not subject to the AMLA for their audit and inspection activities.

Business-related Exceptions

Due to the generally low risk of money laundering and terrorist financing, the involvement of advisors in certain transactions is excluded from the scope of the AMLA. The most important exceptions relate to the following transactions:

• Purchase and sale of real estate and legal entities as a result of family law, matrimonial law and matrimonial property law, inheritance law or donation;
• Transfers of real estate and legal entities with a value of less than CHF 5 million, provided that the purchase price is settled via banks or other financial intermediaries subject to the AMLA;
• Activities of governing bodies for operational legal entities and charitable foundations as well as for operational associations based in Switzerland;
• Establishment of foundations upon death;
• Notarisation without ancillary advice.

Obligations of Advisors

The revised AMLA imposes due diligence-, organisational- and reporting obligations on advisors.

• Due Diligence Obligations: customer identification, determination of beneficial owners, documentation of clarifications, risk-based identification of the subject matter, purpose and background of the desired transactions and services.
• Necessary Organisational Measures: to prevent money laundering and terrorist financing as well as violations of coercive measures under the Embargo Act (EmbA). This includes, in particular, monitoring relevant sanctions in relation to customer relationships and the services provided, as well as training staff and carrying out checks within the advisors’ corporate structure.
• Reporting Obligations: In the event of reasonable suspicion of money laundering, terrorist financing, a crime or a qualified tax offence, as well as after the termination of negotiations on the provision of advisory services due to reasonable suspicion of the aforementioned acts, advisors must immediately report to MROS.

Following the report, the advisor may terminate the business relationship at any time. Lawyers and notaries are only obliged to report if they carry out financial transactions on behalf of or for the account of their clients and if the information is not protected by professional secrecy.

Violations of the reporting obligation are punishable by fines of up to CHF 500,000 (intentional) or CHF 150,000 (negligent).

Obligation of Advisors to join an SRO

Advisors who fall within the scope of the AMLA must join an SRO recognised by FINMA, which supervises compliance with the AMLA due diligence obligations by advisors.

AMLA checks on lawyers and notaries by the SRO are carried out by other lawyers and notaries to ensure professional secrecy.

For notaries in a public-law employment relationship, the cantons designate the competent supervisory authority.

Entry into Force

The revision of the AMLA is expected to enter into force in mid-2026 after the expiry of the optional referendum period of three months. The revised AMLO is expected to enter into force at the same time or shortly thereafter, as the transparency of legal entities is a key element of the FATF country assessment, which will begin at the end of 2026.

In this context, several other implementing administrative ordinances will also be amended.

We are happy to assist you with any questions you may have regarding the new obligations for advisors in Switzerland. We recommend that affected advisors prepare now for the implementation of the AMLA due diligence obligations and align their own corporate structures accordingly.

Dr. Reto Luthiger, Andrea Müller und Joël Herzig