Switzerland Confirms October 2026 Start for New Transparency and AML Laws
The Swiss Federal Council has confirmed that the revised Anti-Money Laundering Act (AMLA) and the new Federal Act on the Transparency of Legal Entities (ATLE) will come into force on October 1, 2026. These reforms aim to strengthen Switzerland's framework against money laundering and terrorist financing by introducing a central transparency register for beneficial owners and extending due diligence obligations to certain advisory activities.
Introduction of a Register of Beneficial Owners
The ATLE establishes a central federal register of beneficial owners, maintained by the Federal Office of Justice. This register will contain information on individuals who ultimately control a legal entity, defined as those holding at least 25% of its capital or voting rights, or exercising control by other means. If no such person can be identified, the most senior member of the governing body must be reported.
The reporting obligations will apply to most Swiss companies and certain foreign legal entities with significant connections to Switzerland, such as ownership of Swiss real estate, a Swiss branch, or effective administration within the country. Swiss associations and foundations are generally excluded, except in specific cases where they control an entity subject to the ATLE.
Transition to a Structured Registration Regime
For entities within the scope of the ATLE, the reform signifies a shift from internal record-keeping to a structured registration system. Companies will still need to identify and document their beneficial owners, but now this information must also be reported to the central transparency register.
The required information includes personal data and details about the nature and extent of control exercised. Legal entities must keep this information current and notify the central register of any changes. The governing body of the entity is responsible for these notifications, even if operational tasks are delegated. Shareholders, partners, and identified beneficial owners are also obligated to cooperate and disclose relevant information. Non-compliance may result in significant consequences, including fines and, in certain cases, measures affecting shareholder rights or the legal entity itself.
Access to the Register and Discrepancy Reporting
The transparency register will not be public. Access will be granted to competent authorities, financial intermediaries, and certain advisers for the performance of their anti-money laundering due diligence obligations.
Entries in the register are declaratory and do not presume accuracy. Financial intermediaries remain responsible for conducting their own due diligence. If they identify discrepancies that question the accuracy or currency of the registered information, they must contact the client for clarification. If the discrepancy persists, a report must be filed within the applicable deadline.
Transitional periods for legal entities to register in the transparency register will begin on October 1, 2026.
Extension of AMLA Due Diligence Obligations to Advisers
The revision of the AMLA and its implementing ordinance extend due diligence obligations to certain advisory activities considered to present higher money-laundering risks, including legal-entity structuring and certain real-estate transactions.
This extension may affect lawyers, notaries, independent legal advisers, accountants, real-estate brokers, and other professionals when they act in covered advisory roles. The new regime does not subject all legal or notarial services to AMLA obligations; its application depends on the nature of the activity, its connection with a covered transaction, and whether the activity is conducted professionally.
Quantitative thresholds have been introduced to define when advisory activities qualify as professional and therefore fall within scope. These include thresholds based on annual gross revenue, number of clients or transactions, assets concerned, and transaction volume.
Existing advisers falling within the new regime will have a short transitional period to apply for affiliation with a self-regulatory organization. However, the substantive AML due diligence obligations will apply from the entry into force of the revised AMLA. The application of the new rules to state notaries has been postponed to allow cantons to adapt their legislation.
Conclusion
From October 1, 2026, in-scope legal entities will face enhanced identification, verification, reporting, and record-keeping duties regarding beneficial ownership under the ATLE. Financial intermediaries and certain advisers will also be subject to extended AML due diligence obligations and, where applicable, discrepancy-reporting duties.
Entities and professionals potentially affected by the new regime should use the remaining time to assess whether they fall within scope, identify their beneficial owners under the new criteria, document ownership and control structures, update internal processes, and prepare for registration and ongoing reporting obligations.
Early preparation will be key to limiting legal, operational, and reputational risks.
For further information on the impact of the ATLE or the revised AMLA on your structure or activities, please contact the authors or your usual contact person at Borel & Barbey. Our specialists are available to assist you in implementing the necessary measures for effective compliance.
