Das Staatssekretariat für Wirtschaft (SECO) hat eine Änderung der Liste der sanktionierten natürlichen Personen, Unternehmen und Organisationen der Verordnung vom 21. März 2025 über Massnahmen gegenüber Personen und Organisationen, die mit den Taliban in Verbindung stehen (SR 946.231.07), publiziert.
Das Staatssekretariat für Wirtschaft (SECO) hat eine Änderung der Liste der sanktionierten natürlichen Personen, Unternehmen und Organisationen der Verordnung vom 21. März 2025 über Massnahmen gegenüber Personen und Organisationen, die mit den Taliban in Verbindung stehen (SR 946.231.07), publiziert.
Das Eidgenössische Departement für Wirtschaft, Bildung und Forschung WBF hat eine Änderung der Anhänge 12 und 14 der Verordnung vom 12. Dezember 2025 über Massnahmen gegenüber der Islamischen Republik Iran (SR 946.231.143.6) publiziert.
AI Analysis
This FINMA publication announces updates to Annexes 12 and 14 of the Swiss Ordinance on Measures against the Islamic Republic of Iran (SR 946.231.143.6), effective April 14, 2026, reflecting changes to the SECO Sanctions Management (SESAM) database by the State Secretariat for Economic Affairs (SECO). It matters because Swiss financial intermediaries must immediately freeze assets of newly or amended sanctioned entities and report to SECO, while continuing AML due diligence under the Anti-Money Laundering Act (GwG), to avoid supervisory enforcement.[User Query]
What Changed
- Amendments to Annexes 12 and 14 of the Ordinance SR 946.231.143.6, updating the list of sanctioned persons, companies, and organizations in the context of Iran sanctions.[User Query]
Updates propagated to the SESAM database, published on the WBF/SECO website.[User Query]
Standard requirements reiterated: Implement prohibitions, freeze assets of sanctioned parties, and report affected business relationships to SECO; SECO reporting does not exempt additional GwG Art.
Suggested Considerations
Screen client portfolios, accounts, and transactions against the updated SESAM database and Annexes 12/14 immediately.
Freeze assets of any newly sanctioned or amended persons/entities without delay.
Report all affected business relationships to SECO promptly.
Conduct enhanced due diligence under GwG Art. 6 for any suspicion; if unresolved, file a suspicious activity report (SAR) with MROS under GwG Art. 9.
Monitor FINMA's MyFINMA portal and website for ongoing updates; update internal sanctions screening systems.[User Query]
Key Dates
13 April 2026
- WBF publishes changes to Annexes 12 and 14 and updates SESAM database.
14 April 2026, 23:00 UTC
- Changes enter into force; asset freezes and prohibitions become mandatory.
Compliance Impact
Urgency: High – Effective immediately (as of April 14, 2026, 23:00 UTC), non-compliance risks FINMA coercive measures under administrative law, including fines, supervisory proceedings, or license revocation. Matters due to frequent Iran sanctions updates (e.g., prior changes in March 2026, October 2025), heightened geopolitical risks post-2015 JCPOA unwind, and dual SECO/MROS reporting obligations amplifying AML exposure.[User Query]
Das Eidgenössische Departement für Wirtschaft, Bildung und Forschung WBF hat Änderungen der Verordnung vom 4. März 2022 über Massnahmen im Zusammenhang mit der Situation in der Ukraine (SR 946.231.176.72) publiziert.
AI Analysis
This FINMA publication announces updates to the Swiss Ordinance on Measures in Connection with the Situation in Ukraine (SR 946.231.176.72), specifically the removal of 7 natural persons from Annex 8 on March 19, 2026, effective March 20, 2026, 23:00 UTC. It matters for Swiss financial firms as it requires immediate review of sanctions screening processes to lift any prior asset freezes on these delisted individuals while maintaining vigilance against ongoing Ukraine/Russia sanctions risks, ensuring compliance with SECO and FINMA expectations.
What Changed
- Amendment to Annex 8 of SR 946.231.176.72 by the Federal Department for Economic Affairs, Education and Research (WBF) on March 19, 2026, removing 7 natural persons from the sanctions list.
Update to the official Swiss sanctions database SESAM (SECO Sanctions Management), published urgently on SECO's website.
This delisting narrows the scope of asset freeze obligations under the ordinance, but core prohibitions on transactions, asset blocking, and reporting for remaining listed parties persist.
Suggested Considerations
Screen client databases and transaction records against the updated SESAM database to identify and release any asset freezes or restrictions on the 7 delisted persons, confirming no residual sanctions apply.
Report any affected business relationships to SECO as per ordinance requirements; conduct additional due diligence under Art. 6 GwG if suspicions remain, and file SARs with the Money Laundering Reporting Office Switzerland (MROS) under Art. 9 GwG if unresolved.
Update internal sanctions screening tools, policies, and staff training to reflect the SESAM changes; document all reviews for audit trails.
Monitor FINMA's news and MyFINMA for further updates, as lists are continuously revised.
Key Dates
19 March 2026
- WBF amends Annex 8, removing 7 natural persons
20 March 2026, 23:00 UTCDEADLINE
- Changes enter into force; firms must adjust compliance systems accordingly
Compliance Impact
Urgency: High - Immediate action required post-20 March 2026 to avoid erroneous ongoing freezes (risking client claims) or premature releases (violating sanctions); non-compliance risks fines up to CHF 540,000 or imprisonment, with SECO referrals to prosecutors for severe cases, amid CHF 7.4 billion in frozen assets as of April 2025. This reinforces the need for real-time sanctions monitoring in a dynamic regime aligned with EU/UN measures.
Das Staatssekretariat für Wirtschaft (SECO) hat eine Änderung der Liste der sanktionierten natürlichen Personen, Unternehmen und Organisationen der Verordnung vom 21. März 2025 über Massnahmen gegenüber Personen und Organisationen, die mit den Organisationen ISIL (Da'esh) und Al-Kaida in Verbindung stehen (SR 946.231.08), publiziert.
Das Staatssekretariat für Wirtschaft (SECO) hat eine Änderung der Liste der sanktionierten natürlichen Personen, Unternehmen und Organisationen der Verordnung vom 21. März 2025 über Massnahmen gegenüber Personen und Organisationen, die mit den Organisationen ISIL (Da'esh) und Al-Kaida in Verbindung stehen (SR 946.231.08), publiziert.
Das Eidgenössische Departement für Wirtschaft, Bildung und Forschung WBF hat Änderungen der Verordnung vom 4. März 2022 über Massnahmen im Zusammenhang mit der Situation in der Ukraine (SR 946.231.176.72) publiziert.
AI Analysis
The Swiss Federal Department of Economic Affairs, Education and Research (WBF) amended Annex 8 of the Ordinance on Measures in Connection with the Situation in Ukraine (SR 946.231.176.72) on March 19, 2026, removing 7 natural persons from the sanctions list. This update requires financial intermediaries to immediately review and adjust their sanctions screening processes, as it directly impacts asset freeze obligations and reporting under Swiss sanctions regime.
What Changed
- Removal of 7 natural persons from Annex 8, which lists designated individuals subject to asset freezes and other restrictive measures related to the Ukraine situation.
Update to the SESAM sanctions database (SECO Sanctions Management), Switzerland's authoritative list aligned with EU sanctions.
No new designations or additional prohibitions introduced; this is a delisting that narrows the scope of sanctions application.
Suggested Considerations
Screen and release assets: Review client portfolios and frozen assets linked to the 7 delisted persons; release any previously frozen assets unless other sanctions apply (e.g., via GwG AML checks).
Update internal systems: Refresh sanctions screening tools with the latest SESAM data to avoid erroneous freezes or compliance breaches.
Report to SECO if applicable: If assets were frozen and are now releasable, notify SECO of prior relationships; conduct GwG Art. 6 due diligence and report suspicions to the Money Laundering Reporting Office (MROS) under Art. 9 GwG if unresolved.
Document changes: Maintain audit trails of screening adjustments to demonstrate compliance with ongoing supervisory obligations.
Key Dates
March 19, 2026
- WBF amends Annex 8 and publishes the update
March 20, 2026, 23:00 UhrDEADLINE
- Changes enter into force; sanctions screening and asset handling must reflect delistings immediately thereafter
Compliance Impact
Urgency: Medium - The delisting reduces sanctions exposure but demands prompt action to unfreeze assets and update controls, as delays could lead to improper asset retention (potential liability) or missed opportunities for clients. Given the effective date was yesterday (March 20, 2026), firms must act today to align with FINMA expectations; non-compliance risks enforcement under administrative law.
Das Staatssekretariat für Wirtschaft (SECO) hat eine Änderung der Liste der sanktionierten natürlichen Personen, Unternehmen und Organisationen der Verordnung vom 21. März 2025 über Massnahmen gegenüber Personen und Gruppen, die mit den Taliban in Verbindung stehen (SR 946.231.07), publiziert.
Das Eidgenössische Departement für Wirtschaft, Bildung und Forschung WBF hat eine Änderung der Anhänge 3, 12, 13 und 14 der Verordnung vom 12. Dezember 2025 über Massnahmen gegenüber der Islamischen Republik Iran (SR 946.231.143.6) publiziert.
AI Analysis
Switzerland's State Secretariat for Economic Affairs (WBF) has updated sanctions targeting the Islamic Republic of Iran, effective March 10, 2026 at 23:00 UTC, modifying annexes 3, 12, 13, and 14 of the Iran sanctions ordinance (SR 946.231.143.6). This represents a comprehensive revision of Iran-related financial restrictions that requires immediate compliance action from all Swiss financial intermediaries to freeze assets, implement prohibitions, and report affected business relationships.
What Changed
The regulatory update encompasses four substantive modifications:
Annex 3: Expansion of the goods list subject to export/import restrictions
Annexes 12, 13, and 14: Updates to the list of sanctioned persons, enterprises, and organizations subject to asset freezing and transaction prohibitions
SESAM Database: The Swiss sanctions management database (SECO Sanctions Management) has been updated to reflect all changes, published urgently on the WBF website
The changes represent a total...
Suggested Considerations
*Implement Prohibitions: Execute all transaction bans and restrictions specified in the updated ordinance annexes
*Asset Freezing: Immediately freeze all assets and funds of sanctioned persons, enterprises, and organizations identified in the updated SESAM database
*Mandatory Reporting to SECO: Report all affected business relationships to the State Secretariat for Economic Affairs within required timeframes
*Enhanced Due Diligence: Conduct additional investigations under Article 6 of the Anti-Money Laundering Act (GwG) when suspicious indicators arise
*Suspicious Activity Reporting: If enhanced due diligence cannot eliminate suspicions, file mandatory reports with the Money Laundering Reporting Office (Meldestelle für Geldwäscherei) under Article 9 GwG without delay
Key Dates
March 9, 2026
– WBF published updated sanctions list and modified SESAM database
March 10, 2026, 23:00 UTC
– Effective date for all regulatory changes (enforcement begins)
ImmediateDEADLINE
– Financial intermediaries must implement prohibitions and freeze assets upon effectiveness
Das Staatssekretariat für Wirtschaft (SECO) hat eine Änderung der Verordnung vom 21. März 2025 über Massnahmen gegenüber Personen und Organisationen, die mit den Organisationen ISIL (Da'esh) und Al-Kaida in Verbindung stehen (SR 946.231.08) publiziert.
In enforcement proceedings against MBaer Merchant Bank AG that FINMA concluded three weeks ago and which were recently pending before the Swiss Federal Administrative Court, FINMA had withdrawn the bank's licence. As part of the proceedings, FINMA ascertained that the bank does not have an adequate structure in place for combating money laundering, thus enabling clients to circumvent official asset freezes. The bank has now withdrawn its appeal against the FINMA proceedings, meaning that FINM...
The US Financial Crimes Enforcement Network (FinCEN) announced today that it considers MBaer Merchant Bank AG to be a financial institution of primary money laundering concern. FINMA is in contact with the bank and FinCEN in connection with the case. The enforcement proceedings previously concluded by FINMA against the bank are currently pending before the Federal Administrative Court. FINMA has appointed an audit agent at the bank.
Das Eidgenössische Departement für Wirtschaft, Bildung und Forschung WBF hat eine Änderung des Anhangs der Verordnung vom 25. Mai 2025 über Massnahmen gegenüber Sudan (SR 946.231.18) publiziert.
AI Analysis
This FINMA publication announces an update to the Swiss sanctions list for Sudan following changes by the UN Sanctions Committee on February 24, 2026, directly incorporated into Switzerland's SESAM database by SECO on February 25, 2026. It matters because financial intermediaries must immediately freeze assets of newly listed parties and report to SECO, while continuing AML due diligence under the GwG (Anti-Money Laundering Act), to avoid enforcement risks from non-compliance with Embargo Act (EmbG) obligations.
What Changed
- The UN Sanctions Committee for Sudan amended its list of sanctioned natural persons, companies, and organizations on February 24, 2026.
SECO updated the SESAM (SECO Sanctions Management) database and published the changes on its website on February 25, 2026.
This triggers direct applicability in Switzerland under the Federal Council's 2016 ordinance for automatic adoption of UN sanctions lists, amending Annex of SR 946.231.18 (Ordinance on Measures...
Financial intermediaries are required to implement prohibitions, freeze assets, and report affected business relationships to SECO; SECO reporting does not exempt AML suspicions under Art.
Suggested Considerations
Screen client portfolios, accounts, and transactions against the updated SESAM Sudan list via SECO's website or MyFINMA notifications.
Freeze (block) assets of any matches and implement transaction prohibitions per the ordinance.
Report affected business relationships to SECO promptly.
Conduct additional due diligence under Art. 6 GwG for suspicions; if unresolved, file immediate suspicious activity report to the Money Laundering Reporting Office Switzerland (MROS) under Art. 9 GwG.
Monitor FINMA's sanctions page for ongoing updates: https://www.finma.ch/en/documentation/international-sanctions-and-combating-terrorism/international-sanctions-and-independent-freezing-measures/.
Key Dates
February 24, 2026
- UN Sanctions Committee amends Sudan list
February 25, 2026
- SECO updates SESAM database and publishes on its website; changes directly applicable in Switzerland
Immediate (upon publication)DEADLINE
- Financial intermediaries must freeze assets and report to SECO; no fixed deadline specified, but "unverzüglich" (without delay) for GwG AML reporting if suspicions persist
Compliance Impact
Urgency: High - Changes are directly applicable with no grace period, requiring immediate asset freezes and reporting to mitigate FINMA enforcement risks (e.g., coercive measures under administrative law). Non-compliance exposes firms to supervisory sanctions, reputational damage, and potential criminal liability under EmbG/GwG, especially amid frequent UN list updates (e.g., recent February 18 change). Firms with Sudan exposure or high-risk clients must prioritize automated screening tools and training.
Das Eidgenössische Departement für Wirtschaft, Bildung und Forschung WBF hat Änderungen des Anhangs 8 der Verordnung vom 4. März 2022 über Massnahmen im Zusammenhang mit der Situation in der Ukraine (SR 946.231.176.72) publiziert.
AI Analysis
On February 23, 2026, Switzerland's State Secretariat for Economic Affairs (SECO) updated Annex 8 of the Ukraine Sanctions Ordinance (SR 946.231.176.72), with changes taking effect on February 24, 2026 at 11:00 PM UTC. This represents the latest iteration of Switzerland's Russia sanctions regime, requiring financial intermediaries to immediately implement new prohibitions, freeze assets of designated persons, and report affected business relationships to SECO—with mandatory additional due diligence under anti-money laundering law if suspicions cannot be resolved.
What Changed
The February 2026 update to Annex 8 of the Ukraine Sanctions Ordinance introduces modifications to Switzerland's designated persons and entities list related to Russia sanctions.
22 natural persons and 42 companies/organizations subject to asset freezes and supply prohibitions
116 vessels (primarily tankers in Russia's shadow fleet circumventing oil price caps) subject to purchase, sale, and service prohibitions
45 companies in third countries subject to stricter export controls targeting critical goods for Russia's military-industrial complex
5 Russian banks and 4 foreign branches subject to transaction prohibitions due to use of Russian payment systems
Suggested Considerations
*Implement all prohibitions specified in updated Annex 8 across all business lines and customer relationships
*Freeze assets of all newly designated natural persons and entities; block transactions with designated entities
*Report to SECO all affected business relationships within required timeframes, documenting:
Customer identification and beneficial ownership
Transaction history with designated parties
Key Dates
February 23, 2026
– SECO publishes Annex 8 amendments on its website
February 24, 2026, 11:00 PM UTCDEADLINE
– Changes take effect; financial intermediaries must immediately implement all prohibitions
H2 2026
– New organizational obligations under revised Money Laundering Act (GwG) requiring sanctions violation prevention measures take effect
Das Eidgenössische Departement für Wirtschaft, Bildung und Forschung (WBF) hat den Anhang 2 der Verordnung vom 25. Mai 2005 über Massnahmen gegenüber Sudan (SR 946.231.18) geändert.
AI Analysis
The Swiss Federal Department for Economic Affairs, Education and Research (WBF) has amended Annex 2 of the Ordinance of 25 May 2005 on Measures against Sudan (SR 946.231.18), updating Switzerland's sanctions list in alignment with UN and international developments. This matters for Swiss financial institutions as it imposes immediate asset freeze and reporting obligations on newly designated individuals and entities linked to threats against Sudan's peace and security, including RSF support and mercenary activities. Compliance teams must screen and act swiftly to avoid FINMA enforcement under supervisory law.
What Changed
- Amendment to Annex 2 of SR 946.231.18 by WBF, adding seven individuals to the Sudan sanctions list, mirroring recent UN-aligned updates (e.g., UK additions on 5 February 2026 for persons like...
Sanctions include asset freezes, prohibitions on dealings with designated persons' funds or economic resources, and mandatory reporting to authorities, consistent with Switzerland's implementation of...
Updates reflect global coordination, with UNSC Resolution 2791 (2025) extending the Sudan regime to 12 October 2026, emphasizing targeted measures against human rights violations, humanitarian...
Suggested Considerations
Immediate screening: Review client databases, transactions, and assets against updated Annex 2 for the seven new designations; freeze any matching funds or resources without delay.
Reporting: Notify FINMA or relevant authorities (e.g., State Secretariat for Economic Affairs SECO) of any holdings or suspicions; relevant firms must report to OFSI equivalents in Switzerland.
No dealings: Cease all transactions, payments, or benefits to/from designated persons unless licensed; maintain records for 10+ years per Embargo Act.
Controls update: Enhance sanctions screening tools, train staff, and audit AML/sanctions programs for Sudan-specific risks like RSF financing or mercenaries.
Licensing check: Apply for exceptions via SECO if needed for humanitarian or existing obligations.
Key Dates
5 February 2026
- UK adds six individuals to Sudan sanctions list (e.g., SUD0026 to SUD0031), informing Swiss alignment
18 February 2026
- Switzerland publicly notes addition of seven individuals to Sudan list via ACAMS report
19 February 2026DEADLINE
- WBF amends Annex 2 of SR 946.231.18, effective immediately for compliance (publication date)
12 March 2026DEADLINE
- UN Panel of Experts interim report due on Sudan sanctions implementation
Urgency: High - Immediate asset freeze obligations apply from publication (19 February 2026), with FINMA's enforcement powers (coercive measures under administrative law) risking fines, reputational damage, or license revocation for non-compliance. This escalates amid ongoing Sudan conflict, UN extensions, and multi-jurisdictional alignment, heightening cross-border transaction risks.
Das Eidgenössische Departement für Wirtschaft, Bildung und Forschung (WBF) hat den Anhang der Verordnung vom 10. April 2024 über Massnahmen gegenüber Personen und Organisationen, welche die Hamas oder den Palästinensischen Islamischen Dschihad unterstützen (SR 946.231.09), geändert.
The Board of Directors of the Swiss Financial Market Supervisory Authority FINMA has appointed Alain Girard as the new Head of its Banks division. The current Head of the Recovery and Resolution division will take up his new role on 1 April 2026. He succeeds Thomas Hirschi, who left FINMA at the end of August 2025. Simon Brönnimann, who oversaw the Banks division on an interim basis, will now assume leadership of the Recovery and Resolution division on an interim basis.
More attractive working conditions and lower operating costs per workstation: FINMA will relocate its Zurich office from the city centre to Zurich-Oerlikon in autumn 2026.
Das Eidgenössische Departement für Wirtschaft, Bildung und Forschung WBF hat eine Änderung des Anhangs der Verordnung vom 16. Dezember 2022 über Massnahmen betreffend Haiti (SR 946.231.139.4) publiziert.
Das Eidgenössische Departement für Wirtschaft, Bildung und Forschung WBF hat eine Änderung des Anhangs der Verordnung über Massnahmen betreffend Guatemala (SR 946.231.137.6) publiziert.
Das Eidgenössische Departement für Wirtschaft, Bildung und Forschung WBF hat eine Änderung des Anhangs 2 der Verordnung vom 22. Juni 2005 über Massnahmen gegenüber der Demokratischen Republik Kongo (SR 946.231.12) publiziert.
AI Analysis
The Swiss Federal Department for Economic Affairs, Education and Research (WBF) updated Annex 2 of the Ordinance on Measures against the Democratic Republic of Congo (SR 946.231.12) on January 12, 2026, modifying the list of sanctioned persons, companies, and organizations, with changes effective January 13, 2026, at 23:00 UTC. This matters for Swiss financial intermediaries as it triggers immediate asset freezing, reporting to SECO, and potential AML checks under the Anti-Money Laundering Act (GwG), ensuring compliance with Switzerland's implementation of international sanctions via the Embargo Act (EmbG).
What Changed
- Amendment to Annex 2 of SR 946.231.12, updating the list of sanctioned individuals, entities, and organizations subject to financial restrictions.
Integration into the SECO Sanctions Management (SESAM) database, with urgent publication on the SECO website.
Reinforcement of prohibitions: asset freezing, ban on making funds available, and reporting of affected business relationships to SECO; does not exempt from GwG Art. 6 due diligence or Art.
Suggested Considerations
Screen client portfolios and transactions against the updated SESAM database immediately upon effectiveness.
Freeze assets of newly listed sanctioned parties and prohibit making funds/resources available.
Report affected business relationships to SECO without delay.
Conduct GwG Art. 6 due diligence on suspicions; file Art. 9 reports to the Money Laundering Reporting Office if unresolved.
Monitor MyFINMA for FINMA alerts and update internal sanctions screening tools.
Key Dates
January 12, 2026
- WBF publishes amendment to Annex 2
January 13, 2026, 23:00 UTCDEADLINE
- Changes enter into force; immediate implementation required
December 12, 2026
- Related EU sanctions extended to this date (Swiss alignment expected)
Compliance Impact
Urgency: High - Immediate effect from January 13, 2026, 23:00 UTC demands rapid screening and freezing to avoid EmbG violations, which can trigger FINMA enforcement (e.g., fines, license actions). Matters due to sanctions lists' frequent updates (e.g., prior May 2024 change) and overlap with AML obligations, heightening financial crime exposure for DRC-linked assets.
Das Eidgenössische Departement für Wirtschaft, Bildung und Forschung WBF hat Änderungen des Anhangs 1 der Verordnung vom 28. März 2018 über Massnahmen gegenüber Venezuela (SR 946.231.178.5) publiziert.
AI Analysis
On January 13, 2026, Switzerland's State Secretariat for Economic Affairs (SECO) updated Annex 1 of the Ordinance on Measures against Venezuela (SR 946.231.178.5), reflecting changes to the list of designated persons and entities subject to Swiss asset freezing measures. This update is critical for Swiss financial institutions and regulated entities as it directly impacts sanctions compliance obligations and requires immediate verification of client and counterparty lists against the revised designations.
What Changed
The regulatory update modifies the designated persons list under Switzerland's unilateral freezing measures against Venezuela.
Update their sanctions screening systems with revised designations
Identify any existing relationships with newly designated or de-designated persons/entities
Implement immediate asset freezing for any newly added designations
Cease all transactions with blocked parties unless specifically authorized
Suggested Considerations
*Immediate Screening: Conduct comprehensive screening of all client and counterparty databases against the updated Annex 1 designations within 24-48 hours of publication.
*Asset Identification: Identify and document any assets, accounts, or positions held by or on behalf of newly designated persons/entities.
*Freeze Implementation: Immediately freeze all identified assets and block all transactions involving designated parties.
*Notification: Report any blocked assets to SECO as required under Swiss sanctions legislation (typically within 10 business days).
*Transaction Review: Suspend all pending transactions with Venezuela-related counterparties pending compliance verification.
Key Dates
January 5, 2026
- FINMA ordinance on asset freezing (RS 196.127.85) enters into force at 11 a.m., freezing assets of 37 designated persons
January 13, 2026
- SECO publishes updated Annex 1 to SR 946.231.178.5 (the update referenced in your query)
ImmediateDEADLINE
- Compliance obligations commence upon publication; no grace period for implementation
The Swiss Federal Council adopted a new ordinance (RS 196.127.85) on 5 January 2026, mandating the immediate freezing of all assets in Switzerland belonging to Nicolás Maduro and 36 associated persons, under the Federal Act on the Freezing and Restitution of Illicit Assets held by Foreign Politically Exposed Persons (FIAA). This precautionary measure prevents asset outflows amid Venezuela's political upheaval, complementing existing sanctions since 2018, and enables future mutual legal assistance for potential restitution to the Venezuelan people. It matters for Swiss financial institutions as it imposes immediate reporting and freezing obligations with severe penalties for non-compliance.
What Changed
- Immediate asset freeze: All assets of any kind held by the 37 listed persons (Nicolás Maduro and associates) in Switzerland must be frozen without delay; this targets individuals not previously...
Reporting obligation: Persons and institutions, including financial intermediaries, must report frozen assets or knowledge thereof to the Money Laundering Reporting Office Switzerland (MROS) per FIAA...
Duration: The freeze is valid for four years until 4 January 2030, unless revoked earlier.
Legal basis: Enacted under Article 3 FIAA as a "freeze for mutual legal assistance" post-political change, distinct from but additive to 2018 Venezuela sanctions under the Embargo Act.
Penalties: Non-compliance with freezing may result in up to three years' custody; reporting violations up to CHF 250,000 fine.
Suggested Considerations
Screen and identify: Immediately review client lists, accounts, and transactions against the ordinance annex listing 37 persons; use FINMA's ordinance publication and Classified Compilation of Federal Law.
Freeze assets: Block all assets (funds, securities, real estate, etc.) of listed persons; prevent any transfers, payments, or dealings.
Report to MROS: Notify MROS of frozen assets or relevant knowledge without delay, following FIAA protocols; include details on asset nature, value, and location.
Internal updates: Update compliance systems, screening tools, and PEP/ sanctions databases; train staff on FIAA obligations.
Document compliance: Maintain records of screening, freezes, and reports for potential FINMA audits; monitor for updates via FINMA and Federal Council releases.
Key Dates
5 January 2026, 11 a.m.DEADLINE
Ordinance enters into force; immediate asset freezing and reporting required
4 January 2030
Asset freeze expires after four years, unless extended or revoked
Compliance Impact
Urgency: Critical. This demands immediate action as the freeze took effect on 5 January 2026 at 11 a.m., with custodial penalties up to three years for failures; given today's date (25 January 2026), firms must confirm compliance now to avoid fines up to CHF 250,000 or enforcement. It heightens AML/sanctions risks amid Venezuela's volatility, overlapping with existing Embargo Act measures, and requires rapid system updates for PEPs.
On 16 December 2025, the Swiss Financial Market Supervisory Authority FINMA launched the consultation on the partially revised Circular 2016/7 “Video and online identification”. The consultation will go on until 27 February 2026.
Der Bundesrat hat die Sanktionslisten betreffend Russland und Belarus am 12. Dezember 2025 ausgeweitet. Die Schweiz übernimmt damit diverse Änderungen, welche die EU im Rahmen ihres 19. Sanktionspakets beschlossen hat.
AI Analysis
The Swiss Federal Council expanded sanctions lists against Russia and Belarus on December 12, 2025, adopting changes from the EU's 19th sanctions package to align Swiss measures with EU restrictions. This matters for Swiss financial institutions as it imposes immediate asset freezes, transaction bans, and reporting obligations on newly listed entities, strengthening efforts to counter Russia's military-industrial complex and shadow oil fleet while preventing sanctions evasion.
What Changed
- Asset freezes and prohibitions: 22 natural persons and 42 companies/organizations added to asset freeze and prohibition on making funds/assets available lists.
Shipping restrictions: 116 new vessels (primarily Russian shadow fleet tankers evading oil price caps) subjected to comprehensive purchase, sale, and service bans.
Export controls: 45 new companies (including in third countries) under stricter export controls to block deliveries of critical goods to Russia's military-industrial sector.
Financial transaction bans: Five Russian banks and four branches of Russian banks in third countries banned from transactions, especially those using Russian payment systems; eight third-country...
Suggested Considerations
Immediate screening: Review client lists, transactions, and assets against updated SECO sanctions lists (published by WBF) for matches to 22 persons, 42 entities, 116 vessels, 45 export-controlled firms, 5+4 banks, and 8 third-country firms.
Asset freezing: Block and freeze any matching assets/funds; prohibit making available.
Transaction halts: Cease dealings with listed banks, entities, vessels, or sanctioned goods/services.
Reporting: Notify SECO of frozen assets, blocked transactions, or existing business relationships immediately; conduct additional due diligence on suspicions per Art. (FINMA guidelines).
Ongoing monitoring: Update compliance systems for dynamic lists; train staff on shadow fleet risks and third-country evasion.
Key Dates
29 October 2025
- Prior expansion decision (related 18th EU package adoption)
30 October 2025
- Entry into force of October measures (export restrictions, RDIF transaction bans)
13 December 2025DEADLINE
- Measures enter into force; immediate implementation required
31 December 2025
- Extension of certain derogations (e.g., Russia investment withdrawals)
Compliance Impact
Urgency: Critical - Effective immediately (13 Dec 2025), with no grace period for asset freezes/transaction bans, exposing non-compliant firms to severe penalties amid FINMA's active enforcement on sanctions (type: enforcement). This escalates existing Russia/Belarus regimes, targeting evasion vectors like shadow fleets and third-country facilitators, demanding urgent system updates given the volume of new listings (225+ entities/vessels).
Das Staatssekretariat für Wirtschaft (SECO) hat eine Änderung des Anhangs der Verordnung vom 7. August 1990 über Wirtschaftsmassnahmen gegenüber der Republik Irak (SR 946.206) publiziert.
AI Analysis
This FINMA publication announces a SECO update to the annex of the Ordinance on Economic Measures against the Republic of Iraq (SR 946.206), reflecting UN Sanctions Committee amendments to the list of sanctioned individuals, companies, and organizations made on December 9, 2025. It matters because these changes are directly applicable in Switzerland, requiring financial intermediaries to immediately block affected assets and report business relationships to SECO to ensure compliance with UN sanctions. Failure to act risks enforcement by FINMA under its supervisory mandate.
What Changed
- The UN Sanctions Committee modified the sanctions list targeting persons, companies, and organizations related to Iraq on December 9, 2025; this amendment was published by SECO on its website and...
Switzerland automatically applies UN sanctions lists without delay per the Federal Council's Ordinance of March 4, 2016, making the update immediately binding.
Financial intermediaries must implement prohibitions, freeze assets of newly listed or adjusted entities, and notify SECO of any impacted business relationships, consistent with prior Iraq sanctions...
Suggested Considerations
Screen against SESAM database: Immediately rescreen client portfolios, transactions, and business relationships against the updated Iraq sanctions list via SECO's SESAM tool (https://www.seco.admin.ch/sesam).
Asset freeze: Block and freeze any assets, funds, or economic resources belonging to newly sanctioned parties; do not dispose of or make available.
Report to SECO: Notify SECO of any matches or business relationships via the designated reporting channel within required timelines (typically immediate for freezes).
Internal review: Update compliance systems, screening tools, and policies; conduct targeted audits for Iraq/Middle East exposure; train staff on implementation.
Document compliance: Maintain records of screening, freezes, and reports for FINMA audits.
Key Dates
Immediate (as of December 10, 2025)DEADLINE
- Financial intermediaries must block assets and report to SECO without delay, per automatic application of UN sanctions
December 9, 2025
- UN Sanctions Committee decision amending the Iraq sanctions list
December 10, 2025
- SECO publishes update on its website and updates SESAM database; changes enter into force immediately in Switzerland
Compliance Impact
Urgency: High - Automatic and immediate effect heightens breach risk, with FINMA enforcement powers including fines, reputational damage, or license revocation for non-compliance. It matters due to Switzerland's direct implementation of UN sanctions, amplifying AML/financial crime exposure amid ongoing global sanctions volatility (e.g., Iraq-related terrorism financing risks).
Das Eidgenössische Departement für Wirtschaft, Bildung und Forschung (WBF) hat den Anhang 2 der Verordnung vom 25. Mai 2005 über Massnahmen gegenüber Sudan (SR 946.231.18) geändert.
AI Analysis
On December 9, 2025, Switzerland's State Secretariat for Economic Affairs (SECO) updated Annex 2 of the Sudan Sanctions Ordinance (SR 946.231.18), requiring Swiss financial intermediaries to implement changes to their sanctions screening and compliance procedures. This update reflects ongoing international coordination on Sudan sanctions enforcement and requires immediate implementation by all Swiss-regulated financial institutions.
What Changed
The regulatory update modified Annex 2 of the Sudan Sanctions Ordinance effective December 9, 2025 at 23:00 UTC. While the search results do not provide the specific entities added or removed from the sanctions list, the update was coordinated through FINMA's SESAM (SECO Sanctions Management) database, which serves as Switzerland's authoritative sanctions database for financial intermediaries.
The timing of this update aligns with broader international sanctions activity on Sudan.
Suggested Considerations
*Sanctions List Update: Immediately download and integrate the updated SESAM sanctions database into all transaction screening systems and customer due diligence (CDD) procedures.
*System Screening: Conduct full rescreening of existing customer relationships, beneficial owners, and transaction counterparties against the updated Annex 2 designations.
*Transaction Review: Review all pending and recent transactions (typically 30-90 days prior) to identify any that may have involved newly designated persons or entities.
*Blocked Assets: If any blocked persons or entities are identified in existing customer relationships, immediately freeze accounts and file required reports with SECO.
*Staff Training: Update compliance and front-office staff on the specific changes to ensure proper application of the updated sanctions regime.
Key Dates
December 9, 2025, 23:00 UTC
- Effective date of the urgent amendment to Annex 2 of SR 946.231.18; SECO updated the SESAM database on this date
ImmediateDEADLINE
- Financial intermediaries required to implement changes according to SR 946.231.18 regulations
The Board of Directors of the Swiss Financial Market Supervisory Authority FINMA has extended Beat Fellmann’s term of office by one year until the end of 2026.
The Swiss Financial Market Supervisory Authority FINMA is today publishing its ex-post evaluation report on the requirements for interest rate risk management in the banking book. The evaluation has shown that the supervisory practice has essentially been successful and that the objectives have been achieved. Specific improvements will be made as part of a partial revision of Circular 2019/2, which is planned from 2026. The interest rate shock scenarios updated by the Basel Committee on Banki...
The Federal Council has appointed Katia Villard to the Board of Directors of the Swiss Financial Market Supervisory Authority FINMA. A professor of criminal law, Ms Villard will succeed Ursula Cassani Bossy who is stepping down from FINMA's Board of Directors at the end of the year.
In its new 2025 Risk Monitor, FINMA reveals where it sees the greatest risks for the Swiss financial centre. It warns of an increase in geopolitical and technological risks and calls for more robust controls over the outsourcing of critical functions. The climate risk report is also part of the Risk Monitor for the first time.
Das Staatssekretariat für Wirtschaft (SECO) hat eine Änderung der Verordnung vom 21. März 2025 über Massnahmen gegenüber Personen und Organisationen, die mit den Organisationen ISIL (Da'esh) und Al-Kaida in Verbindung stehen (SR 946.231.08) publiziert.
Das Staatssekretariat für Wirtschaft (SECO) hat eine Änderung der Verordnung vom 21. März 2025 über Massnahmen gegenüber Personen und Organisationen, die mit den Organisationen ISIL (Da'esh) und Al-Kaida in Verbindung stehen (SR 946.231.08) publiziert.
Das Eidgenössische Departement für Wirtschaft, Bildung und Forschung WBF hat eine Änderung des Anhangs der Verordnung vom 16. Dezember 2022 über Massnahmen betreffend Haiti publiziert.
AI Analysis
The Swiss Federal Department of Economic Affairs, Education and Research (WBF, under which SECO operates) has published an update to the Annex of the Ordinance of 16 December 2022 on measures concerning Haiti, reflecting UN Security Council amendments to the sanctions list. This matters for Swiss financial institutions as it triggers immediate asset freeze checks and reporting obligations to ensure compliance with Switzerland's implementation of UN sanctions via FINMA and SECO oversight, avoiding enforcement risks amid Haiti's ongoing instability. The update aligns with global renewals of Haiti sanctions, emphasizing asset freezes on newly designated individuals and entities involved in destabilizing activities.
What Changed
- Amendment to the Annex of the Verordnung vom 16. Dezember 2022 über Massnahmen betreffend Haiti, incorporating UN Security Council updates to the sanctions list, likely adding individuals,...
Reflects broader UN measures, including renewal of travel bans, asset freezes, and arms embargoes; expansion of arms embargo scope to military goods, technology, technical assistance, financial...
Switzerland implements via SECO's sanction ordinances, with FINMA enforcing for supervised entities; parallels international updates like UN Resolution 2752 (2024) and 2794 (2025), which reintroduce...
Suggested Considerations
Screening and Freezing: Immediately review client databases, accounts, and holdings against the updated SECO Haiti sanctions list; freeze funds/economic resources of designated persons/entities without notice or delay; do not deal with or make available such assets indirectly.
Reporting: Notify SECO (via ams@seco.admin.ch or portal) and FINMA of matches, providing details on frozen assets; report any additional compliance-facilitating information.
Ongoing Monitoring: Update transaction screening systems for expanded arms embargo prohibitions (e.g., no financial services for military goods/technology to Haiti-connected persons); cease brokering or technical assistance if applicable.
Licensing Checks: Refrain from activities unless licensed by competent authorities (e.g., SECO for exemptions).
Documentation: Maintain records of checks and actions for audits; train staff on updated definitions (e.g., "military goods," "connected with Haiti").
Key Dates
18 October 2024
- UN Security Council Resolution 2752 adopted, expanding arms embargo (basis for Swiss/UK updates)
20 March 2025
- Canadian amendments add 3 individuals (related context)
Immediate (publication date: 21 October 2025)DEADLINE
- Swiss firms must check accounts, freeze assets or economic resources of newly listed persons without prior notice, and report to SECO/FINMA without delay
23 July 2025
- UK Haiti Sanctions Amendment Regulations enter force, reflecting similar UN changes
17
20 October 2025; - UNSC renews regime for one year, adds 2 entries to sanctions list (UK/Jersey notices align with Swiss publication)
Compliance Impact
Urgency: High - Immediate asset freeze and reporting requirements carry criminal penalties for non-compliance (e.g., aligned with UK fines up to updated monetary levels); failure risks FINMA enforcement, reputational damage, and misalignment with UN obligations amid Haiti's volatile security. Matters due to expanded scope capturing indirect financial facilitation, increasing false positive screening burdens for firms with Haiti exposure.
Das Eidgenössische Departement für Wirtschaft, Bildung und Forschung WBF hat eine Änderung des Anhangs der Verordnung vom 24. Juni 2020 über Massnahmen gegenüber Nicaragua (SR 946.231.158.5) publiziert.
AI Analysis
The Swiss Federal Department of Economic Affairs, Education and Research (WBF/EAER) amended the annex of the Ordinance on Measures against Nicaragua (SR 946.231.158.5) on 20 October 2025, modifying entries for two individuals, with measures entering into force immediately thereafter. This update requires Swiss financial intermediaries to promptly screen and adjust sanctions compliance programs to reflect the revised designations, ensuring no prohibited dealings with the updated list. It matters because failure to implement could trigger FINMA enforcement, asset blocking obligations, and reporting requirements under Switzerland's Embargo Act (EmbG).
What Changed
- Modification of entries for two individuals in the annex of the Ordinance on Measures against Nicaragua (SR 946.231.158.5), likely involving updates to personal details, aliases, or sanction...
These changes align with ongoing maintenance of the sanctions list, originally imposed in June 2020 due to human rights, democracy, and rule-of-law concerns in Nicaragua, mirroring EU measures from...
No broader structural changes to the ordinance itself; this is a targeted annex update, similar to frequent "delta" amendments published by SECO.
Suggested Considerations
Block and report: Freeze any newly or modifiedly sanctioned assets; report to FINMA/SECO via MyFINMA if matches found.
Update compliance systems: Integrate the annex changes into screening tools, policies, and training; conduct risk assessments for Nicaragua exposure.
Monitor ongoing: Subscribe to FINMA news (https://www.finma.ch/en/news/) and SECO updates for further deltas.
Document implementation to demonstrate due diligence in case of FINMA audits.
Key Dates
20 October 2025
- Amendment to the annex published by WBF/EAER
21 October 2025
- FINMA publishes updated sanctions notice and notifies via MyFINMA
21 October 2025, 11:00 pm
- Measures enter into force; immediate blocking and screening obligations apply
Compliance Impact
Urgency: High – Immediate effect from 21 October 2025 demands swift action to avoid violations, as asset freezing is retroactive and non-compliance risks FINMA enforcement (e.g., fines, license restrictions). This matters amid frequent 2025 sanctions updates (e.g., 10+ Nicaragua/Myanmar deltas), heightening operational burden and geopolitical risk exposure in FINMA's 2025 Risk Monitor.
Das Staatssekretariat für Wirtschaft (SECO) hat eine Änderung der Verordnung vom 21. März 2025 über Massnahmen gegenüber Personen und Organisationen, die mit den Organisationen ISIL (Da'esh) und Al-Kaida in Verbindung stehen (SR 946.231.08) publiziert.
Das Staatssekretariat für Wirtschaft (SECO) hat eine Änderung der Verordnung vom 21. März 2025 über Massnahmen gegenüber Personen und Organisationen, die mit den Organisationen ISIL (Da'esh) und Al-Kaida in Verbindung stehen (SR 946.231.08) publiziert.
Das Eidgenössische Departement für Wirtschaft, Bildung und Forschung WBF hat eine Änderung des Anhangs der Verordnung über Massnahmen gegenüber Burundi (SR 946.231.121.8) publiziert.
AI Analysis
The Swiss Federal Department of Economic Affairs, Education and Research (WBF/DEFR) has updated the annex to the Ordinance on Measures against Burundi (SR 946.231.121.8), modifying the list of sanctioned persons, companies, and organizations in the SESAM database. This matters for Swiss financial institutions as it imposes immediate asset freeze and transaction restrictions, aligning with FINMA's heightened focus on sanctions risks amid geopolitical tensions.
What Changed
- Modification to the list of sanctioned individuals, enterprises, and organizations under the Burundi sanctions ordinance.
Update published in the SECO Sanctions Management (SESAM) database, which is the authoritative Swiss reference for sanctions compliance.
No details on specific additions, deletions, or alterations to designations are provided in the publication summary, but changes trigger mandatory screening and blocking obligations.
Suggested Considerations
Screen clients, transactions, and assets against the updated SESAM database immediately upon effectiveness (post-8 October 2025, 23:00).
Freeze assets of newly listed or modified sanctioned parties without prior notice and report to SECO/FINMA via MyFINMA notification system.
Cease any direct or indirect provision of funds/economic resources to sanctioned parties; conduct retrospective reviews of existing relationships for Burundi exposure.
Update internal sanctions screening tools, policies, and staff training to reflect SESAM changes; document compliance efforts for potential FINMA audits.
Key Dates
8 October 2025, 23:00 hours
- Changes enter into force; asset freezes and prohibitions apply immediately thereafter
6 October 2025
- DEFR modifies the sanctions list and updates SESAM database
Compliance Impact
Urgency: High - Immediate effectiveness (8 October 2025) requires swift database rescreening to avoid violations, with FINMA emphasizing sanctions evasion risks in its 2025 Risk Monitor amid geopolitical shifts; non-compliance risks enforcement actions, fines, or reputational damage.
Das Eidgenössische Departement für Wirtschaft, Bildung und Forschung (WBF) hat eine Änderung des Anhangs 1 der Verordnung vom 1. Juni 2012 über Massnahmen gegenüber Guinea-Bissau (SR 946.231.138.3) publiziert.
AI Analysis
The Swiss Federal Department of Economic Affairs, Education and Research (WBF) published an amendment to Annex 1 of the Ordinance on Measures against Guinea-Bissau (SR 946.231.138.3) on October 7, 2025, updating the sanctions list maintained in the SESAM database. This change, effective October 8, 2025, requires Swiss financial intermediaries to immediately screen clients, freeze assets of listed individuals, and report to SECO, reinforcing compliance with UN Security Council Resolution 2048 (2012) and EU measures following the 2012 military coup. It matters for preventing sanctions evasion and ensuring adherence to Switzerland's Embargogesetz (EmbG), with non-compliance risking FINMA enforcement.
What Changed
- Amendment to Annex 1 of the Ordinance dated June 1, 2012, on measures against Guinea-Bissau, as published by WBF on October 6, 2025, and reflected in FINMA's announcement on October 7, 2025.
Updates to the SESAM (SECO Sanctions Management) database, which is the authoritative Swiss sanctions list; specific details on additions, deletions, or modifications to listed natural persons (e.g.,...
Prohibition on dealings with listed persons/entities; mandatory asset freeze and reporting obligations under the ordinance and Geldwäschereigesetz (GwG).
Suggested Considerations
Screen customer relationships against the updated SESAM list immediately upon effectiveness using heightened due diligence per GwG Art. 6.
Freeze assets of any matched listed persons/entities and prohibit new business.
Report affected relationships to SECO without delay; conduct additional checks and file SARs with MROS if suspicions remain.
Update internal sanctions screening systems and monitor MyFINMA for FINMA notifications.
Document compliance actions to demonstrate adherence in audits or FINMA inquiries.
Key Dates
October 8, 2025, 23:00 UhrDEADLINE
- Changes enter into force; immediate implementation required for asset freezes and prohibitions
October 6, 2025
- WBF adjusts SESAM database and publishes changes on its website
October 7, 2025
- FINMA publishes the sanctions notice
Compliance Impact
Urgency: High - Immediate asset freeze and reporting are mandatory from October 8, 2025, with violations exposing firms to FINMA fines, reputational damage, or criminal liability under EmbG and GwG. This update underscores ongoing list volatility (e.g., similar 2024 change), demanding robust real-time screening to avoid inadvertent breaches in low-volume Guinea-Bissau exposures.
Das Eidgenössische Departement für Wirtschaft, Bildung und Forschung WBF hat eine Änderung des Anhangs 7 der Verordnung vom 8. Juni 2012 über Massnahmen gegenüber Syrien (SR 946.231.172.7) publiziert.
AI Analysis
The Swiss Federal Department of Economic Affairs, Education and Research (WBF) updated Annex 7 of the Ordinance on Measures against Syria (SR 946.231.172.7) on October 6, 2025, modifying the list of sanctioned persons, companies, and organizations, effective October 8, 2025. This change requires Swiss financial intermediaries to immediately implement asset freezes and report affected relationships to SECO, amid broader Swiss alignment with EU and US easing of Syria sanctions earlier in 2025. It matters for compliance as it mandates swift screening updates to avoid violations of ongoing targeted financial sanctions.
What Changed
- The WBF amended the list of sanctioned entities in Annex 7 of SR 946.231.172.7, updating the SESAM sanctions database (SECO Sanctions Management).
Financial intermediaries must enforce prohibitions, freeze assets of listed parties, and report business relationships to SECO.
Reporting to SECO does not exempt intermediaries from conducting due diligence under Art. 6 GwG (Anti-Money Laundering Act) and filing suspicions with the Money Laundering Reporting Office under Art.
Suggested Considerations
Screen client portfolios, accounts, and transactions against the updated SESAM database immediately upon effectiveness.
Freeze assets of newly listed or affected sanctioned parties and implement transaction prohibitions.
Report all impacted business relationships to SECO promptly.
Conduct GwG due diligence (Art. 6) on any suspicions; file with Money Laundering Reporting Office (Art. 9 GwG) if unresolved.
Update internal sanctions screening systems and train staff on changes; retain evidence of compliance for audits.
Key Dates
October 8, 2025 at 23:00
- Changes enter into force; asset freezes and prohibitions apply immediately
October 6, 2025
- WBF publishes update to Annex 7 and SESAM database
Compliance Impact
Urgency: High - Immediate asset freeze and reporting obligations take effect October 8, 2025, with non-compliance risking FINMA enforcement, fines, or criminal liability under sanctions laws. This matters as it occurs against a backdrop of Syria sanctions easing (e.g., Swiss economic sanctions lifted June 20, 2025; EU measures May 27, 2025), heightening risk of oversight on residual targeted lists amid increased Syria-related flows.
The Swiss Financial Market Supervisory Authority FINMA has identified further progress in UBS’s resolvability and continues to view a resolution as feasible. However, there is a need for greater optionality, which will also require legislative changes. UBS’s emergency plan largely fulfils the current statutory requirements. However, it needs to be better integrated in the resolution plan in the future and thus cannot currently be regarded as executable. As in 2024, FINMA’s review of the recov...
The Swiss Financial Market Supervisory Authority FINMA is transferring the FINMA Banking Insolvency Ordinance, FINMA Insurance Bankruptcy Ordinance and FINMA Collective Investment Schemes Bankruptcy Ordinance to a new consolidated FINMA Insolvency Ordinance. The existing regulations have been revised and adapted where necessary – based on findings from practical experience and academia. In addition, the FINMA Insolvency Ordinance implements the amendments made necessary by the revisions to th...
Das Staatssekretariat für Wirtschaft (SECO) hat eine Änderung der Verordnung vom 21. März 2025 über Massnahmen gegenüber Personen und Organisationen, die mit den Organisationen ISIL (Da'esh) und Al-Kaida in Verbindung stehen (SR 946.231.08) publiziert.
Das Staatssekretariat für Wirtschaft (SECO) hat eine Änderung der Liste der sanktionierten natürlichen Personen, Unternehmen und Organisationen der Verordnung vom 30. März 2011 über Massnahmen gegenüber Libyen (SR 946.231.149.82) publiziert.
AI Analysis
This FINMA publication announces an update by Switzerland's State Secretariat for Economic Affairs (SECO) to the sanctions list under the Ordinance of 30 March 2011 on Measures against Libya (SR 946.231.149.82), aligning Swiss sanctions with changes in the UN Libya sanctions regime. It matters for Swiss financial institutions as it triggers immediate screening and compliance obligations to avoid violations of asset freeze and related restrictions on designated persons, entities, or organizations. Failure to act promptly risks enforcement by FINMA.
What Changed
The core change is an amendment to the list of sanctioned natural persons, companies, and organizations in SR 946.231.149.82, as published by SECO. This reflects broader UN Security Council updates via Resolution 2769 (2025), which introduced new designation criteria for individuals/entities supporting armed groups or criminal networks through illicit exploitation/export of crude oil or refined petroleum from Libya, alongside exemptions for certain arms embargo activities, allowances for Libyan Investment Authority (LIA) frozen cash investments in low-risk deposits, and extensions of related...
Suggested Considerations
Screen immediately: Run full client, transaction, and asset portfolios against the updated SECO list (SR 946.231.149.82) for matches on newly added/removed designations.
Freeze assets: Identify and freeze any funds/economic resources of designated parties without delay; report to SECO/FINMA.
Cease dealings: Halt direct/indirect provision of funds, financial services, or trade facilitation to/from listed parties.
Monitor related flows: Heighten scrutiny on Libyan petroleum trade, LIA assets, and arms-related exemptions per UN Resolution 2769.
Key Dates
Immediate upon publication (19 August 2025)DEADLINE
- Swiss firms must implement updated sanctions list screening and freeze applicable assets/transactions per FINMA/SECO requirements (https://www.finma.ch/en/news/2025/08/20250819-sr-946-231-149-82/)
1 May 2026
- Expiration of UN authorizations/measures on illicit petroleum exports from Libya (Resolution 2769)
15 May 2026
- End of UN Panel of Experts mandate monitoring Libya sanctions
Compliance Impact
Urgency: High - Immediate action required due to asset freeze obligations; non-compliance risks FINMA fines, reputational damage, or criminal liability under Swiss AML/sanctions laws. This matters amid evolving geopolitical risks (e.g., petroleum smuggling destabilizing Libya), as flagged in FINMA's 2025 Risk Monitor on sanctions evasion via financial flows (https://www.swlegal.com/en/insights/newsletter-detail/finma-risk-monitor-2025-finma-flags-nine-principal/). Firms with Libyan exposure face elevated audit scrutiny.
Das Staatssekretariat für Wirtschaft (SECO) hat eine Änderung des Anhangs 2 der Verordnung vom 12. August 2015 über Massnahmen gegenüber der Republik Südsudan (SR 946.231.169.9) publiziert.
AI Analysis
FINMA has published an update notifying financial intermediaries of changes to Annex 2 of the Ordinance on Measures against the Republic of South Sudan (SR 946.231.169.9), as announced by SECO on August 18, 2025, effective August 20, 2025. This matters because it imposes immediate asset freeze and transaction ban obligations on Swiss financial institutions with exposure to newly or modified sanctioned entities, aligning with UN Security Council Resolution 2206 (2015) and EU measures to address South Sudan's ethnic conflict, human rights violations, and humanitarian crisis. Compliance failure risks enforcement actions under the Embargo Act (EmbG) and AML regulations (GwG).
What Changed
- SECO amended Annex 2 of the Ordinance, likely adding, removing, or modifying listings of sanctioned persons, companies, or organizations related to South Sudan.
The update requires implementation of prohibitions (e.g., no new business), asset freezing for listed parties, and reporting of affected relationships to SECO.
Changes stem from ongoing enforcement of UN and EU sanctions, with Switzerland implementing via the Embargo Act; Annexes are dynamically updated.
Suggested Considerations
Screen client portfolios, transactions, and relationships against the updated SESAM database and Annex 2 via FINMA's website or MyFINMA portal.
Freeze assets of newly listed parties without delay; block prohibited transactions.
Report affected business relationships to SECO promptly; conduct additional GwG Art. 6 due diligence if suspicions arise, and file SARs with the Money Laundering Reporting Office (MROS) under Art. 9 GwG if unresolved.
Update internal sanctions screening systems and train staff; document compliance for audit trails.
Key Dates
18.08.2025
- SECO publishes amendment to Annex 2
19.08.2025
- FINMA issues public notification of the update
20.08.2025
- Amendment enters into force; asset freezes and prohibitions apply immediately
Compliance Impact
Urgency: High - Immediate effect from August 20, 2025, mandates asset freezes and reporting with no grace period, exposing non-compliant firms to FINMA enforcement, fines, or reputational damage under EmbG and GwG. South Sudan sanctions are niche but cumulative updates (e.g., similar to Sudan changes) heighten screening fatigue risks; firms with Africa desks must prioritize to avoid inadvertent violations amid dynamic listings.
Das Eidgenössische Departement für Wirtschaft, Bildung und Forschung (WBF) hat den Anhang 2 der Verordnung vom 25. Mai 2005 über Massnahmen gegenüber Sudan (SR 946.231.18) geändert.
AI Analysis
The Swiss Federal Department of Economic Affairs, Education and Research (WBF) has amended Annex 2 of the Ordinance of May 25, 2005, on Measures against Sudan (SR 946.231.18), updating Switzerland's sanctions list in alignment with the SESAM database managed by SECO. This change, effective immediately on a urgent basis, requires Swiss financial intermediaries to implement updated asset freezes and transaction restrictions without delay, heightening compliance risks amid ongoing international sanctions escalation on Sudan-related actors. It matters because non-compliance exposes firms to FINMA enforcement, reputational damage, and penalties under anti-money laundering and sanctions regimes.
What Changed
- Amendment to Annex 2 of SR 946.231.18, which lists designated persons, entities, and assets subject to sanctions such as asset freezes and prohibitions on making funds or economic resources...
Updates reflected in the official Swiss sanctions database SESAM (SECO Sanctions Management), published on the SECO website, ensuring harmonized implementation across Switzerland.
Urgent (dringliche) amendment entering into force immediately, bypassing standard consultation periods to address time-sensitive developments in the Sudan conflict.
Specific details of added/removed...
Suggested Considerations
Screen against updated SESAM database: Immediately query SECO's Sanctions Management system and Annex 2 for new/updated designations; freeze any matching assets and report to SECO/FINMA as required.
Transaction screening and blocking: Halt any funds transfers, services, or economic resources to/from designated parties; document due diligence.
Internal compliance update: Review client portfolios, KYC files, and transaction monitoring systems for Sudan exposure; train staff and update policies.
Reporting obligations: Notify FINMA/SECO of any frozen assets or potential breaches within regulatory timelines (typically 30 days for suspicious activity under AMLA).
Audit and evidence retention: Maintain records of screening/compliance actions for FINMA inspections.
Compliance Impact
Urgency: High – The urgent effective date mandates immediate action to avoid violations, with FINMA's enforcement history showing fines up to CHF 500,000+ for sanctions breaches. This matters amid Sudan's escalating conflict, where global sanctions (e.g., EU/UK additions in 2025) increase circumvention risks via Swiss hubs, amplifying AML/Financial Crime exposure and FINMA scrutiny in its 2025 Risk Monitor on geopolitical flows.
Das Eidgenössische Departement für Wirtschaft, Bildung und Forschung WBF hat eine Änderung des Anhangs der Verordnung vom 28. Juni 2023 über Massnahmen betreffend Moldau (SR 946.231.156.5) publiziert.
AI Analysis
The Swiss Federal Department of Economic Affairs, Education and Research (WBF) published an update to Annex of the Ordinance on Measures concerning Moldova (SR 946.231.156.5) on August 11, 2025, expanding the sanctions list for Moldova-related destabilizing activities. This matters for Swiss financial intermediaries as it imposes immediate asset freeze and reporting obligations under the Embargo Act (EmbG) and Anti-Money Laundering Act (GwG), aligning Switzerland with EU measures to counter threats to Moldova's sovereignty amid regional instability.
What Changed
- Updated Sanctions List: The WBF amended the Annex to include additional natural or legal persons, organizations, or entities subject to financial sanctions, effective immediately upon publication.
Financial Sanctions Reinforced: Mandatory asset freezes (sperre von Vermögenswerten), prohibitions on making funds or economic resources available (Bereitstellungsverbote), and reporting requirements...
No Change to Core Ordinance: The underlying Ordinance from June 28, 2023, is unchanged, but the Annex expansion triggers re-screening of existing relationships.
Suggested Considerations
Screen Client Base: Immediately rescreen all existing and prospective clients, relationships, and transactions against the updated SECO/FINMA Moldova sanctions list via MyFINMA portal.
Freeze and Report Assets: Block all funds/economic resources of newly listed parties without delay; report details (e.g., account info, asset values) to SECO promptly.
AML Due Diligence: Conduct enhanced checks under Art. 6 GwG; if suspicions persist post-SECO report, file suspicious activity report (SAR) with MROS under Art. 9 GwG.
Internal Controls: Update screening tools, train staff, and document compliance to mitigate enforcement risk from FINMA.
Monitor Ongoing: Subscribe to FINMA MyFINMA alerts and SECO updates for further Annex changes.
Key Dates
28.06.2023
Original Ordinance effective date; (context for baseline measures)
11.08.2025
Publication of Annex update by WBF
12.08.2025
Measures enter into force; (based on similar recent updates; immediate effect standard)
Immediate (unverzüglich)
Report frozen assets to SECO
Compliance Impact
Urgency: High – Immediate asset blocking and SECO reporting are mandatory with no grace period, risking FINMA enforcement (e.g., fines, reputational damage) for non-compliance; matters due to expanding geopolitical risks in Eastern Europe, potential for rapid list growth, and overlap with high-volume Russia/Ukraine sanctions regimes.
Das Departement für Wirtschaft, Bildung und Forschung (WBF) hat die Erweiterung der Sanktionslisten betreffend Russland publiziert. Die Schweiz hat damit diverse Änderungen übernommen, welche die EU im Rahmen ihres 18. Sanktionspakets beschlossen hatte.
AI Analysis
This FINMA publication announces Switzerland's adoption of the EU's 18th sanctions package against Russia, expanding the sanctions lists with new designations and restrictions via the Swiss State Secretariat for Economic Affairs (SECO/WBF). It matters because Swiss financial institutions must immediately screen and freeze assets of newly listed parties, aligning with heightened FINMA enforcement on Russia sanctions risks amid ongoing geopolitical tensions. Compliance teams face elevated legal, reputational, and secondary sanctions exposure from US/EU measures.
What Changed
The core update involves Switzerland incorporating EU Council decisions from the 18th sanctions package, which typically include:
Additions to asset freeze lists targeting Russian individuals, entities, and sectors like energy, finance, and dual-use goods.
Expanded prohibitions on making funds or economic resources available to designated parties.
Alignment with EU sectoral restrictions on Russia's financial messaging services (e.g., SPFS), oil trade, and shadow fleet activities, now binding in Switzerland via ordinances updated by WBF/SECO.
Suggested Considerations
Enhance customer due diligence (CDD): Review existing Russia/Ukraine portfolios for matches; implement enhanced monitoring for shadow fleet, oil traders, and FIMI-linked entities.
Report to FINMA/SECO: Notify of any frozen assets or potential breaches; document compliance efforts to mitigate enforcement risks.
Update policies: Integrate EU 18th package into internal sanctions frameworks, including red flags for circumvention (e.g., crypto, third-country banks).
Train staff: Conduct urgent refreshers on secondary sanctions risks per FINMA Risk Monitor 2025.
Key Dates
Immediate upon publication (August 13, 2025)
- Swiss sanctions lists updated; asset freezes and prohibitions take effect instantly for newly designated parties
15 December 2025
- Noted FINMA reference for ongoing list updates and independent freezing measures
31 July 2026
- EU sectoral sanctions against Russia renewed until this date (adopted December 2025), influencing Swiss alignment
Compliance Impact
Urgency: High - This directly expands enforceable prohibitions, with FINMA's targeted on-site reviews and "very high" Russia sanctions risk rating amplifying enforcement (https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/finma-publikationen/risikomonitor/20251117-finma-risikomonitor-2025.pdf?sc_lang=en). Non-compliance risks fines, reputational damage, and secondary US sanctions, especially post-EU renewals through 2026.
On July 31, 2025, Switzerland's State Secretariat for Economic Affairs (SECO) amended the annex to the Syria Asset Freezing Ordinance (SR 196.127.27), originally enacted March 7, 2025, to update the list of designated individuals subject to comprehensive asset freezes. This amendment reflects Switzerland's ongoing implementation of targeted financial sanctions against politically exposed persons connected to the former Assad regime, requiring immediate compliance from all financial intermediaries and asset holders operating in Swiss jurisdiction.
What Changed
The July 31, 2025 amendment modified the annex (list of designated persons) to the Syria Asset Freezing Ordinance without altering the substantive freezing requirements themselves. The original ordinance, enacted March 7, 2025, froze all assets of 17 designated individuals; the July amendment adjusted this list, though the specific names added or removed are not detailed in the available regulatory notices.
The amendment operates under the Federal Act on the Freezing and Restitution of Illicit Assets held by Foreign Politically Exposed Persons (FIAA; SR 196.1), which provides the legal...
Suggested Considerations
*Immediate compliance steps for financial institutions:
*Update sanctions screening systems to reflect the amended annex list as of July 31, 2025
*Freeze all assets of newly designated individuals without delay, including bank accounts, securities, real estate, and other property of any kind
*File mandatory reports with the Money Laundering Reporting Office (MROS) for all frozen assets under Article 3 of the FIAA
*Conduct enhanced due diligence on existing client relationships to identify any connections to designated persons or their family members, associates, or controlled entities
Key Dates
March 7, 2025, 6:00 PM UTC
– Original Syria Asset Freezing Ordinance entered into force
July 31, 2025, 6:00 PM UTC
– Amendment to annex (list of designated persons) entered into force
Ongoing
– Immediate freezing obligation upon designation; no grace period applies
Four
year validity; – The ordinance remains valid for four years from March 7, 2025, unless extended or modified
Das Eidgenössische Departement für Wirtschaft, Bildung und Forschung WBF hat eine Änderung des Anhangs der Verordnung über Massnahmen betreffend Guatemala (SR 946.231.137.6) publiziert.
AI Analysis
The Swiss Federal Department of Economic Affairs, Education and Research (WBF) has published an update to Annex 2 of the Ordinance on Measures concerning Guatemala (SR 946.231.137.6), aligning Swiss sanctions with international developments targeting threats to democracy and rule of law in Guatemala. This matters for Swiss financial institutions as it mandates immediate screening and blocking of newly designated persons/entities to prevent sanctions violations, reinforcing Switzerland's commitment to international sanctions regimes amid ongoing geopolitical tensions in Central America. https://www.finma.ch/en/news/2025/06/20250626-sr-946-231-137-6/
What Changed
- Amendment to Annex 2 of SR 946.231.137.6, likely adding or updating designations of individuals, groups, or entities involved in undermining Guatemala's democracy, rule of law, or election...
Measures include asset freezes (prohibiting Swiss persons from dealing with designated assets) and transaction prohibitions, with independent freezing by FINMA where required under Swiss law.
Updates are published in the Federal Gazette and integrated into FINMA's continuously maintained sanctions lists for automated screening.
Suggested Considerations
Immediate screening: Run updated Annex 2 against client databases, transactions, and assets; block and report any matches to FINMA via SR system.
Enhanced due diligence: Review Guatemala exposures for links to designated parties (e.g., Public Prosecutor’s Office officials, FCT); suspend dealings and notify self-certification.
System updates: Ensure sanctions screening tools (e.g., World-Check, Refinitiv) reflect changes; train staff and document compliance.
Reporting: File suspicious activity reports (SARs) to MROS if pre-existing dealings detected; retain evidence of non-execution of prohibited transactions. https://www.finma.ch/en/news/2025/06/20250626-sr-946-231-137-6/
Key Dates
26 June 2025
- Publication of annex amendment by WBF; immediate effectiveness for screening and blocking obligations
15 December 2025
- Reference date for related FINMA sanctions annex maintenance (not specific to this update but indicative of cycle). https://www.finma.ch/en/news/2025/06/20250626-sr-946-231-137-6/ https://www.finma.ch/en/documentation/international-sanctions-and-combating-terrorism/international-sanctions-and-independent-freezing-measures/
Ongoing (continuous)DEADLINE
- Annex updates published in Federal Gazette; firms must integrate changes without specified delay
Compliance Impact
Urgency: High - Swiss sanctions take effect immediately upon publication, exposing non-compliant firms to FINMA enforcement (fines up to CHF 1M, reputational damage). This aligns with rising geopolitical risks flagged in FINMA Risk Monitor 2025, where sanctions evasion amid corruption flows could trigger audits; failure risks secondary sanctions under EU/US regimes. https://www.finma.ch/en/news/2025/06/20250626-sr-946-231-137-6/ https://www.swlegal.com/en/insights/newsletter-detail/finma-risk-monitor-2025-finma-flags-nine-principal/
At its meeting on 25 June 2025, the Federal Council was informed of the resignation of Rene W. Keller from the Board of Directors of the Swiss Financial Market Supervisory Authority FINMA.
Das Staatssekretariat für Wirtschaft (SECO) hat eine Änderung der Verordnung vom 21. März 2025 über Massnahmen gegenüber Personen und Organisationen, die mit den Organisationen ISIL (Da'esh) und Al-Kaida in Verbindung stehen (SR 946.231.08) publiziert.