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SFMA opens consultation on revised Anti-Money Laundering Ordinance

SFMA has opened consultation on amendments to AMLO-SFMA, with submissions running from 12 May to 9 June 2026.

SFMA launched consultation on a partial revision of the Anti-Money Laundering Ordinance on 12 May 2026. The consultation period runs until 9 June 2026.

The ordinance sets out how financial intermediaries must implement duties to prevent money laundering and terrorist financing. Revision is needed because of changes to the higher-level Anti-Money Laundering Act, implementation of Financial Action Task Force recommendations and the need to codify current supervisory practice in selected areas.

The draft requires financial intermediaries to understand a client's ownership and control structure. It also specifies measures they must take to prevent breaches of coercive measures under the Embargo Act.

For correspondent banking relationships, the revisions state that payments through transitory accounts may be executed on behalf of a customer's clients only if the customer can provide the client information needed for due diligence duties on request. A declaration on the beneficial owner must also be obtained when a contracting party maintains sub-accounts for individual clients.