The Swiss Financial Market Supervisory Authority (FINMA) has published an update noting that the Swiss Federal Department of Economic Affairs, Education and Research has amended Annexes 1a and 6a to Switzerland’s ordinance on measures against the Islamic Republic of Iran, updating the list of sanctioned persons, companies and organisations and expanding the goods list in Annex 1a. The changes enter into force on 18 January 2025. The State Secretariat for Economic Affairs (SECO) has updated Switzerland’s SESAM sanctions database (SECO Sanctions Management) and published the changes online. Financial intermediaries are required to implement the prohibitions set out in the ordinance, freeze the assets of sanctioned persons and report affected business relationships to SECO, without prejudice to further due diligence under Article 6 of the Anti-Money Laundering Act (GwG) and, where suspicions cannot be dispelled, a prompt report to the Money Laundering Reporting Office under Article 9 GwG.
Swiss Financial Market Supervisory Authority (FINMA) 2025-01-17
Swiss Financial Market Supervisory Authority flags updated Switzerland sanctions designations and goods controls under the Iran measures ordinance
FINMA updated Switzerland’s ordinance on measures against Iran, amending Annexes 1a and 6a to expand the list of sanctioned entities and goods. SECO updated the SESAM sanctions database. Financial intermediaries must implement these prohibitions, freeze assets of sanctioned entities, and report relevant business relationships to SECO.