The Swiss Financial Market Supervisory Authority (FINMA) published an update noting that the Federal Department of Economic Affairs, Education and Research has amended Switzerland’s sanctions designations under the ordinance on measures against the Democratic Republic of the Congo. The amendment updates the list of sanctioned persons, companies and organisations in Annex 2 of the ordinance of 22 June 2005, with Switzerland’s SESAM sanctions database (SECO Sanctions Management) adjusted accordingly. The changes enter into force on 15 January 2025 at 18:00. Financial intermediaries are required to implement the prohibitions, freeze the assets of sanctioned persons and report affected business relationships to the State Secretariat for Economic Affairs (SECO). A report to SECO does not remove the obligation to carry out further clarifications where there are indications of suspicion under Article 6 of the Anti-Money Laundering Act and, if suspicion cannot be dispelled, to file a report with the Money Laundering Reporting Office under Article 9.
Swiss Financial Market Supervisory Authority (FINMA) 2025-01-16
Swiss Financial Market Supervisory Authority flags changes to Switzerland’s Democratic Republic of the Congo sanctions list effective 15 January 2025
FINMA announced updates to Switzerland’s sanctions against the Democratic Republic of the Congo, effective 15 January 2025. Financial intermediaries must implement prohibitions, freeze assets of sanctioned entities, and report to SECO. Further clarifications and reports to the Money Laundering Reporting Office are required if suspicions arise under the Anti-Money Laundering Act.