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Glossary

Compliance Function

Compliance Function is the organisational unit or person responsible for ensuring that a wealth manager permanently adheres to all relevant legal and regulatory requirements, in particular under FinIA, FinSA, and the AMLA, and that corresponding control processes are documented.

At a glance

  • FINMA expects a clear assignment of compliance responsibility with a direct reporting line to senior management (FinIA Art. 9).
  • At small institutions, consolidation with other functions is permissible, provided conflicts of interest are documented and limited.
  • Compliance encompasses ongoing monitoring, staff training, and the adaptation of internal regulations to regulatory changes.

Frequently asked questions

Outsourcing the Compliance Function to qualified external providers is generally permissible under applicable regulation. The preconditions are that accountability remains clearly anchored internally, access to and control over the service are maintained, and the Supervisory Organisation is informed of the outsourcing arrangement.

Sources: FINMA · Systematische Rechtssammlung (fedlex)