The Federal Register of Beneficial Owners is part of a wider drive to strengthen Switzerland’s framework for combating financial crime. Alongside the new Act on the Transparency of Legal Entities (LTPM), Switzerland has adopted a revision of the Anti-Money Laundering Act (AMLA), with a clear objective: to improve the identification of the individuals behind certain legal structures and to strengthen due diligence obligations where an activity presents an increased risk.

This article is part of a series of publications dedicated to these developments. In an earlier publication, our tax team outlined the principles and legal framework of the transparency register, as well as its implications for companies and their shareholders

👉 Read our first article:

• The Transparency Register and Its Consequences for Companies and Their Shareholders 

This aspect of the reform concerns the “second pillar” of the framework: the revised Anti-Money Laundering Act and the new due diligence obligations which apply not only to traditional financial intermediaries but also to certain advisory activities — particularly in the fields of auditing, consultancy and related services.

Revised Anti-Money Laundering Act: changes to the scope of application

An extension to certain consultancy activities

A key aspect of the revision is the extension of the scope of application: certain specific advisory activities are now subject to the AMLA, even where the service provider does not, strictly speaking, have the power to dispose of assets. The documentation emphasises that the scope of application covers activities rather than professional groups as such.

Who might be affected?

The webinar states that the definition of “advisers” (as defined in the revised Anti-Money Laundering Act) may include natural or legal persons who, in a professional capacity and on behalf of third parties, are involved in financial transactions linked to certain types of legal transactions. The documentation specifically mentions lawyers, trustees, tax advisers and estate agents (depending on the activities carried out).

Which activities will be subject to the tax?

Transactions covered (key list)

According to the documentation, the following advisory activities are subject to regulation when carried out on a professional basis:

• the sale or purchase of a property;
• the creation or incorporation of a non-operational legal entity in Switzerland, or of a legal entity abroad;
• the management or administration of a non-operational legal entity;
• contributions to and distributions from a non-operational legal entity;
• the sale or purchase of a legal entity where the transaction takes place through a non-operational legal entity;
• the provision of an address or premises as a registered office for a period exceeding six months.

The concept of activity “in a professional capacity”

The guidance states that advice given in a private capacity is not subject to the rules and emphasises that the definition of ‘professional activity’ is broad in the draft order referred to (with discussions still ongoing regarding the specific criteria).

“Causality” in relation to the transaction: a decisive criterion

A particularly important point is the link between the adviser’s involvement and the transaction: the work must make an essential contribution to the proposed legal transaction (for example: advice on the legal or accounting aspects of a transaction, or the drafting of related deeds or documents).

Conversely, purely abstract clarifications with no apparent link to an actual proposed transaction are not covered by the guidance.

What exceptions should you be aware of?

Exclusions that should not be overlooked

The documentation mentions several important exceptions (non-exhaustive list). In particular, it cites: 

• certain board activities for operational entities (or for public-benefit foundations / operational associations with their registered office in Switzerland);
• certain property transactions relating to family law, inheritance, gifts or between relatives;
• transfers of immovable property or legal entities below a certain value threshold, subject to conditions (payments via banks/intermediaries are subject to the rules);
• and one point explicitly mentioned: persons subject to the LSR in respect of their auditing activities are not covered.

These points are crucial: they show that the assessment of tax liability must be carried out on a case-by-case basis, depending on the activity actually carried out.

The new due diligence obligations: what this means in practice

The core obligations of the AMLA (due diligence and record-keeping)

The guidance notes that registration triggers due diligence obligations, in particular:

• verification of the customer’s identity;
• identification of the beneficial owner;
• preparation and retention of documents;
• clarification of the nature and purpose of the service (and the context);
• organisational measures (risk analysis, internal procedures, training). 

Training and organisational requirements

In addition to a case-by-case approach, the scheme involves internal measures: analysing risks, establishing control procedures, and ensuring that staff receive adequate initial and ongoing training.

Membership of a self-regulatory body (SRB)

The documentation states that the persons concerned are required to be members of a self-regulatory body (SRB) and specifically mentions that an SRB may offer these services.

Reporting obligations to MROS

One sensitive issue is the reporting obligation: the documentation states that a report must be made to the Money Laundering Reporting Office (MROS) in cases of reasonable suspicion (money laundering, terrorist financing, criminal offences, serious tax offences, etc.), including where negotiations to provide advisory services have been terminated due to such suspicions.

It also specifies the possible levels of fines in the event of a breach of the reporting obligation (amounts indicated for intentional and negligent breaches).

Timetable and transitional provisions: why act early

Expected to come into force in 2026

The webinar documentation states that the revised Anti-Money Laundering Act (AMLA) and the revised implementing ordinance are expected to come into force in the second half of 2026 (with the timetable depending on the adoption of the final versions).

A swift response for membership and organisation

The transitional provisions referred to state that applications for membership of a self-regulatory organisation must be submitted within a specified period following the entry into force of the legislation, and that discussions regarding the extension of certain deadlines were still ongoing at the time of the training session.

In practice, this means that organisations that may be affected would be well advised to map out their activities and plan for the implementation of procedures, rather than waiting until the last minute.

How the transparency register fits into the requirements of the Anti-Money Laundering Act

A reference tool for due diligence

The guidance states that, for registered advisers/intermediaries, it is possible to access the register’s data via EasyGov or an API in accordance with the legal basis referred to.

This reinforces the need for consistency: the more structured the data transparency, the more due diligence obligations require the relevant information to be properly verified and documented during high-risk transactions.

A ‘system’ approach: data, processes, controls

By combining the register (data) and the LBA (process), the legislator aims to create a more robust system: faster identification, improved traceability, and greater accountability for those involved in certain legal and economic transactions.

How RSM Switzerland can support the organisations concerned

Compliance is not simply a matter of “adding a procedure”. It often requires a structured approach that is proportionate to the risk and consistent with the activities carried out.

Mapping of activities and tax liability analysis

RSM Switzerland can assist in analysing the services actually provided (real estate, structures, non-operational entities, domiciliation, transactions) and, on that basis, assess the risk of tax liability, considering the criteria set out in the documentation (link to the transaction, commercial nature, exceptions).

Implementation of due diligence and documentation processes

Depending on the nature of the business, support may focus on structuring the due diligenceprocess: customer identification, identification of the beneficial owner, documentation, record-keeping, and appropriate internal procedures.

Awareness-raising, training and operational readiness

Finally, preparation also involves training, raising awareness among staff and aligning practices, in line with the organisational requirements outlined in the training (risk analysis, internal measures, ongoing training).

Conclusion

The transparency registers and the revised Anti-Money Laundering Act form a coherent whole: greater transparency regarding beneficial owners is accompanied by stricter due diligence requirements for certain advisory and support services. For audit and advisory firms, the challenge is twofold: to identify the situations in which the regulations apply and to put robust processes in place before the expected entry into force in 2026, to safeguard operations, limit risks and meet heightened compliance expectations.