The Swiss Parliament has enacted the Law on Transparency of the Activities of Legal Entities. Organizations covered by this law must now identify their ultimate beneficiaries and register their information in the central Registry. The Registry is part of Switzerland’s anti-money laundering reforms. Its purpose is to improve transparency regarding beneficial ownership and align Swiss law with international standards.
Who is subject to the disclosure requirements?
These disclosure obligations apply to Swiss legal entities and certain foreign companies with connections to Switzerland. Exceptions are set for pension institutions and some other organizations.
Information to be registered
The Registry will include organizations’ identifying details, such as name and legal address. Ultimate beneficial owners must provide basic personal information and specify the nature and level of their control.
Deadlines for providing information
Information must be submitted within one month of company registration in the Commercial Register or within one month of becoming aware of any changes to the required information.
Privacy policy
The Registry will not be accessible to the public. Only authorized Swiss authorities, as well as Swiss financial intermediaries and consultants, will have access to fulfill their client identification and verification obligations. These new requirements should be considered when establishing new structures and managing existing ones.
