AML / KYC

During its meeting on 9 April 2025, the Federal Council appointed existing Bank Council member Christoph Ammann as new Vice President of the Bank Council of the Swiss National Bank (SNB) with effect from 1 May 2025. He replaces Romeo Lacher, who has announced that he will stand down as of 25 April 2025.v

On 11 April 2025, Karin Keller-Sutter, President of the Swiss Confederation, will attend the informal meeting of the EU's Economic and Financial Affairs Council (ECOFIN) in Warsaw. The purpose of the meeting is to promote European exchanges on international financial and tax issues.

On 3 April the Federal Council took note of the US government's announcements on the imposition of wide-ranging tariffs. These will affect all of the USA’s trading partners including Switzerland. The Federal Council will analyse the measures and their impact on Switzerland in greater detail. It is in contact with the affected industries and the US authorities. The Federal Council has instructed the EAER to begin preparatory work on a possible solution with the USA.

During its meeting on 21 March 2025, the Federal Council decided to lower the interest rates for outstanding COVID-19 credits with effect from 31 March 2025. The interest rate will now be 0.25% for credits up to CHF 500,000 and 0.75% for credits exceeding CHF 500,000.

During its meeting on 7 March 2025, the Federal Council opened the consultation on a new FATCA Agreement. In the future, Switzerland should no longer provide information on financial accounts to the United States on a unilateral basis, but instead also receive information from the United States as part of an automatic exchange of information. The consultation lasts until 14 June 2025.

On 26 and 27 February 2025, Federal President Karin Keller-Sutter, accompanied by SNB Chairman Martin Schlegel, will attend the first meeting of G20 finance ministers and central bank governors under the South African presidency. Switzerland will emphasise the importance of sustainable debt for international stability and advocate a level playing field for all countries with respect to the taxation of multinational enterprises.

During its meeting on 19 February 2025, the Federal Council submitted to Parliament the dispatch on extending the international automatic exchange of information in tax matters (AEOI). Set to apply from 1 January 2026, the extension concerns the new AEOI concerning cryptoassets and the amendment of the standard for the automatic exchange of financial account information.

During its meeting on 29 January 2025, the Federal Council initiated the consultation on approving the basis under international law for the exchange of information under the OECD minimum tax. In the future, it should be possible for the multinational enterprise (MNE) groups concerned to submit the information centrally in a single jurisdiction. The implementing jurisdictions should also be able to check whether the tax calculations of MNE groups are correct. The consultation will run until 8 May 2025. This proposal does not address national implementation. The Federal Council is closely monitoring international developments.

During its meeting on 29 January 2025, the Federal Council decided to remove the European Union (EU) from the list of jurisdictions affected by the measure to protect the Swiss stock exchange infrastructure (protective measure) with effect from 1 May 2025. The Federal Council had activated the protective measure in 2019 to temporarily protect the Swiss stock exchange infrastructure in response to the non-recognition by the EU of the equivalence of Switzerland's stock exchange regulations. As the EU has since revised the corresponding legal basis, the Swiss protective measure with respect to the EU is now no longer necessary and is to be deactivated for the benefit of Swiss companies. Switzerland will continue to seek recognition of equivalence and improved market access for financial service providers in the regulatory dialogue with the EU concerning the financial sector.

The Federal Council has taken note of the report prepared by the Parliamentary Investigation Committee (PInC) on "Management by the authorities – CS emergency merger". It welcomes the fact that the PInC's report takes a positive view of the authorities' actions in the Credit Suisse crisis and of the solution chosen with the takeover by UBS. In its report for the attention of the Federal Assembly, the Federal Council sets out its position on the PInC's recommendations, motions and postulates. The work carried out by the PInC largely confirms the expediency of the measures envisaged in the Federal Council's report on banking stability of 10 April 2024.

At its meeting on 20 December 2024, the Federal Council appointed Aline Darbellay, Professor of Banking and Capital Market Law at the University of Zurich, as a new member of the Board of Directors of the Swiss Financial Market Supervisory Authority (FINMA) with effect from 1 January 2025.

At its meeting on 13 December 2024, the Federal Council adopted the dispatch on financing for earthquake damage to buildings for the attention of Parliament. It proposes that building owners should contribute to the costs of covering damage to buildings in the event of an earthquake. With this bill, the Federal Council is fulfilling a parliamentary motion.

During its meeting on 6 December 2024, the Federal Council decided to initiate a consultation on amending the Ordinance on Climate Disclosures. The aim of the bill is to adapt the ordinance to the latest international developments. The consultation will last until 21 March 2025.

During its meeting on 20 November 2024, the Federal Council adopted the dispatch on the protocol of amendment to the double taxation agreement (DTA) with Hungary. The protocol implements the OECD's minimum standards from the base erosion and profit shifting (BEPS) project with regard to double taxation agreements.

During its meeting on 13 November 2024, the Federal Council approved the strategic objectives of the Swiss Financial Market Supervisory Authority (FINMA) for 2025 to 2028. Beforehand, it held its annual meeting with FINMA's senior management.

On 7 November 2024, Federal Councillor Karin Keller-Sutter will meet the United Kingdom's finance minister, Chancellor of the Exchequer Rachel Reeves, for a working visit. The meeting will focus on multilateral and bilateral financial and tax topics.

Federal Councillors Karin Keller-Sutter and Guy Parmelin, accompanied by Martin Schlegel, Chairman of the Governing Board of the Swiss National Bank, will attend the Annual Meetings of the International Monetary Fund (IMF) and the World Bank in Washington from 23 to 25 October 2024. A meeting of G20 finance ministers and central bank governors will also take place during the Annual Meetings. The Swiss delegation will additionally use the event for bilateral talks.

During its meeting on 20 September 2024, the Federal Council decided to initiate a consultation on amending the Financial Market Supervision Act and other pieces of legislation. The aim of the legislative amendments is to adapt the Swiss legal framework for international cooperation in the financial market sector to both the current circumstances and the needs of Switzerland's financial centre.

During its meeting on 4 September 2024, the Federal Council decided to bring the income inclusion rule (IIR) into force with effect from 1 January 2025. This international supplementary tax will complement the Swiss supplementary tax (QDMTT) already introduced in 2024. Both tax rules will ensure that tax receipts stay in Switzerland, rather than flowing abroad, and provide legal certainty.

At its meeting on 4 September 2024, the Federal Council adopted the dispatch on the approval of an agreement between Switzerland and the United Kingdom (UK) on mutual recognition in financial services. The agreement boosts competitiveness and fosters the close cooperation between the two major international financial centres.