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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

01

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).

02

Politically exposed persons (PEP) and their associates always require enhanced due diligence, regardless of transaction volume.

03

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)