When you choose to convert currencies (for example, from Swiss francs to euros) through an authorised intermediary, you will be asked to provide certain documents, including a copy of your ID.
Image generated with artificial intelligence Anti-Money Laundering Act (AMLA)
In Switzerland, anyone who provides financial services on a professional basis is considered a “financial intermediary” and must comply with the Federal Act on Combating Money Laundering and Terrorist Financing (AMLA).
The Swiss anti-money laundering supervisory system is based on a multi-level structure involving FINMA (Swiss Financial Market Supervisory Authority) and SROs (Self-Regulatory Organisations), designed to ensure consistent and effective enforcement of the applicable legislation.
(Swiss Financial Market Supervisory Authority)
(Self-Regulatory Organisations)
are independent supervisory bodies recognised and directly supervised by FINMA, responsible for overseeing Switzerland’s non-banking financial sector. Their main mandate is to ensure that affiliated financial intermediaries – such as currency exchange services, fiduciaries and asset managers – strictly comply with the requirements of the Anti-Money Laundering Act (AMLA). Through regular inspections, SROs verify that customer identification obligations are properly fulfilled and, in the event of regulatory breaches, they have sanctioning powers that can extend to the permanent exclusion of an operator from the market. Here is the list of SROs recognised by FINMA.
FINMA also provides a dedicated tool at this link to check whether a financial intermediary or company is affiliated with a Self-Regulatory Organisation (SRO).
Image generated with artificial intelligence What does the Swiss Criminal Code say?
Within the Swiss legal framework, the preventive measures established by the AMLA are complemented by the enforcement provisions of the Swiss Criminal Code (SCC), specifically Articles 305bis and 305ter. Article 305bis defines and penalises the offence of money laundering, punishing anyone who carries out acts intended to obstruct the identification of the origin, the discovery or the confiscation of assets which they know, or must assume, originate from a crime or a qualified tax offence.
To further protect the financial system, Article 305ter introduces the offence of “Failure to exercise due diligence in financial transactions”, which directly penalises financial professionals who accept or hold assets belonging to third parties without verifying, with the level of care required by the circumstances, the identity of the beneficial owner. These specific criminal provisions make the formal and traceable identification of customers not merely a bureaucratic requirement, but a clear legal obligation designed to protect the integrity of the entire economic system.
Which documents are required and for what purpose?
Private Clients
Individuals
Transactions up to
CHF 5'000
For transactions with a countervalue below CHF 5,000, or the equivalent in another currency, including any related transactions.
-
Valid identity document
(Identity Card or Passport).
-
Residence permit.
Only if you are not a Swiss citizen.
Transactions over
CHF 5'000
-
Form A – Beneficial Owner
Declaration in which the client identifies the beneficial owner(s) of the funds involved in the transaction.
-
Client Profile
Document containing information on the client’s profession, income and financial situation, in accordance with the Know Your Customer policy.
-
Source of funds
For larger amounts, additional documents may be required, such as the last payslips, to verify the origin of the funds.
-
Video identification
If the relation is established online, a video identification procedure may be required, as provided for by FINMA Circular 2016/7.
Business Clients
Corporate Clients
For transactions of
of any amount
- Extract from the Commercial Register
- Valid identity document (Identity Card or Passport) of the directors and beneficial owners
- Completed and signed Form K: a document used to declare the identity of the beneficial owners who hold 25% or more of the company’s shares or ownership interests.
- Copy of the latest available annual financial statements.
The financial intermediary is required to retain the client’s documentation for 10 years (AMLA – SR 955.0).
Professional Secrecy, Privacy Protection and Data Protection
The documents provided by the client to the currency exchange company are used exclusively to fulfil regulatory obligations. The AMLA and SRO regulations establish specific confidentiality obligations, restrictions on disclosure and safeguards for professional secrecy. They are stored within protected and encrypted digital systems, in full compliance with the Federal Act on Data Protection (FADP). Under no circumstances may this information be disclosed to third-party companies for commercial or promotional purposes.
IMPORTANT: the information contained in this guide is provided for general informational and educational purposes only and does not in any way bind the financial intermediary, which remains free, at its own discretion, to request additional documentation or further clarification in order to fulfil its due diligence obligations (due diligence).
Image generated with artificial intelligence