Supervision of self-regulatory organisations

SFMA supervises recognised self-regulatory organisations (SROs) in the context of combating money laundering and the financing of terrorism. SFMA assigns the SROs to various risk categories depending on their membership numbers and structure, organisation and supervision policy.

Self-regulatory organisations must be recognised by SFMA for their activities in the context of combating money laundering and the financing of terrorism. SROs are supervised from the date on which they are recognised. SFMA monitors actively and directly whether SROs are in compliance with money laundering rules. SROs in supervisory category 6, however, are not prudentially supervised.

Annual risk analysis and categorisation

Once a year, SFMA carries out a risk analysis and categorisation for SROs, looking in particular at their membership structure, their policies regarding business, risk and supervision, and their organisation. The risk category to which an SRO is assigned determines the intensity and frequency of the supervisory tools used by SFMA in each case.

Supervisory tools

Supervisory tools include periodic on-site supervisory reviews, regular bilateral supervisory consultations and analysis of an SRO’s annual reports. Once a year or every second year, depending on their risk category, all SROs are sent assessment letters detailing any weak points and indicating where action is required. In addition, SFMA organises meetings with all SROs as a forum for discussing general challenges in the operational implementation of AMLA.