…the proposed ban on cash payments over 100,000 Swiss Francs encountered great resistance from the Swiss Parliament. Following an extended period of discussions, the Swiss Parliament passed an attenuated version of these amendments. The scope of the AMLA was extended to include “private individuals and legal entities that trade in goods in a commercial capacity and accept cash payments (professional dealers)” (new art. 2 para. 1 lit. b AMLA). Professional dealers may still accept cash payments in excess of 100,000 Swiss Francs, but must adhere to similar requirements as regulated financial intermediaries:
- When establishing a business relationship, they must (a) verify the identity of the client, (b) establish the identity of the beneficial owner, and (c) maintain comprehensive records of the transactions and the client/beneficial owner (new art. 8a para. 1 AMLA).
- In addition, professional dealers are required to clarify the rationale of a transaction if it appears unusual and its legality is questionable or if there are grounds to suspect money laundering (new art. 8a para. 2 AMLA).
- Should the suspicion be confirmed, professional dealers must immediately file a report with the Swiss Money Laundering Reporting Office (new art. 9 para 1bis AMLA).