Registration, affiliation and authorisation

Corporate registration

The first task is to identify the company. Use the exact registered name and identification number to locate the relevant record and documents. That gives subsequent checks a stable subject: a trading name or website address can otherwise lead to ambiguity.

A corporate record and a regulatory record should be examined together. Avoid treating a reference to one as an answer to every question addressed by the other.

Source reading: Swiss Confederation ↗

SRO affiliation

FINMA explains that financial intermediaries within the relevant AMLA categories are supervised for their anti-money-laundering obligations by their affiliated SRO. The SRO itself is recognised and supervised by FINMA.

When reviewing an affiliation claim, obtain evidence from the relevant organisation and establish its scope and currency. Describe that affiliation accurately rather than substituting the broader phrase FINMA licensed.

Source reading: FINMA ↗

FINMA authorisation and ongoing supervision

FINMA’s trustee guidance states that commercial trustee activity requires authorisation, with the stated criteria and relevant exemptions requiring attention. A general statement about trust companies does not resolve the position of an individual business.

Independent portfolio managers and trustees within the supervisory framework are monitored on an ongoing basis by authorised supervisory organisations. An SO and an SRO therefore belong to different descriptions of supervision and should not be casually interchanged.

Source reading: FINMA ↗FINMA ↗

A useful evidence record

A public list is a useful starting point. FINMA notes that list updates can lag changes in authorisation. For a transaction dependent on that status, obtain the underlying documentation and appropriate current confirmation.

• Exact entity name and identification number.
• The status claimed and the activity to which it relates.
• The original decision, confirmation or register entry.
• Any conditions, restrictions, expiry or required notifications.
• Date of verification and the person or organisation supplying confirmation.

Source reading: FINMA ↗