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Glossary

Due Diligence Obligations (AMLA)

Due Diligence Obligations (AMLA) encompass the full set of measures a wealth manager must take when establishing and maintaining a business relationship: identification of the contracting party, determination of the beneficial owner, risk classification, and ongoing transaction monitoring (AMLA Art. 3 et seq.).

At a glance

  • Core obligations: identification of the contracting party (AMLA Art. 3), determination of the beneficial owner (AMLA Art. 4), enhanced clarification for elevated risk (AMLA Art. 6).
  • Politically exposed persons (PEP) and their associates always require enhanced due diligence, regardless of transaction volume.
  • All documents and records must be retained for a minimum of ten years (AMLA Art. 7).

Frequently asked questions

The effort is proportional to the risk profile of the client base. With standardised onboarding forms, a clear risk classification framework, and a structured archiving arrangement, AMLA documentation is manageable. Supervisory Organisations often provide model regulations and checklists that simplify implementation considerably.

Sources: FINMA · Systematische Rechtssammlung (fedlex)