The Swiss Financial Market Supervisory Authority (FINMA) published an update noting that Switzerland’s Federal Department of Economic Affairs, Education and Research has expanded the Russia-related sanctions lists, incorporating various changes adopted by the European Union under its 18th sanctions package. The measures enter into force on 12 August 2025. Financial intermediaries are required under the relevant ordinance to implement the prohibitions, freeze the assets of sanctioned persons and report affected business relationships to the State Secretariat for Economic Affairs (SECO). FINMA also notes that a report to SECO does not relieve an intermediary of further duties under Article 6 of the Anti-Money Laundering Act (GwG) to carry out additional clarifications where there are indications of suspicion and, if these cannot be dispelled, to file a report without delay with the Money Laundering Reporting Office under Article 9 GwG.
Swiss Financial Market Supervisory Authority (FINMA) 2025-08-11
Swiss Financial Market Supervisory Authority highlights expanded Switzerland Russia sanctions lists effective 12 August 2025
FINMA announced that Switzerland's Federal Department of Economic Affairs, Education and Research has expanded Russia-related sanctions lists, aligning with the EU's 18th sanctions package. Financial intermediaries must implement prohibitions, freeze assets, and report to SECO, while fulfilling obligations under the Anti-Money Laundering Act for further clarifications and reporting.