The function of self‐regulating organisations in the Swiss money laundering control scheme

Abstract

Discusses the function of the two types of self‐regulating organisations (SRO) in implementing the Swiss Federal Statute Concerning the Combat of Money Laundering in the Financial Sector (MLS); in Switzerland the enforcement of the duties of diligence contained in the MLS is based mainly on self‐regulation. Defines the two types: type A is the “para‐banking” sector, and type B are insurance companies, banks, casinos etc. Outlines the legal basis in the MLS for the two types, the importance of the Control Office for SRO type A, the scope for self‐regulation, and adequate rules for small SROs type A. Gives an example of a particular SRO (the VQF) as a type A SRO, including supervision and control, and sanctions.

Citation

Müller‐Studer, L. (2003), "The function of self‐regulating organisations in the Swiss money laundering control scheme", Journal of Money Laundering Control, Vol. 7 No. 1, pp. 69-74. https://doi.org/10.1108/13685200410809788