The case

Below there is an overview of the important business to be dealt with during the 2025 summer session in connection with the reform of the Anti-Money Laundering Act (business number 24.046), which concerns both the National Council and the Council of States.

The commentary

Treatment in the National Council – 12 June 2025: Transparency register
The aim is to introduce a national, non-public transparency register, so that the companies will be obliged to report their beneficial owners (natural persons who control the company) to the authorities.

According to the dispatch, the aim is to combat money laundering more effectively by increasing the transparency of company structures and help prevent the misuse of companies attempting to conceal assets or criminal activities.

The Commission in charge of the business supports the project.

Treatment in the Council of States – 17 June 2025: Due diligence obligations for advisors
The aim is to extend the obligations: Advisors (e.g. lawyers, notaries) will also be subject to the Anti-Money Laundering Act under certain conditions.

The majority of the Commission supports the expansion of due diligence obligations in principle, but wants to pursue a risk-based approach. A minority of the Commission rejects the project, claiming there is no need for additional action as Switzerland already fulfils the FATF standards. A second minority of the Commission criticises the weakening of the draft, considering the draft law to be insufficient to effectively combat money laundering. According to this minority the draft is not in line with international standards.

The Swiss financial industry is largely in favour of the two key proposals for the reform of the Anti-Money Laundering Act but has been calling for targeted adjustments, particularly to the transparency register, in order to maintain practical relevance and international competitiveness.