AML obligations for Swiss marketplaces: Are you a financial intermediary?

Anyone who mediates payments between buyers and sellers on a Swiss marketplace may fall under the Anti-Money Laundering Act (AMLA). What matters is whether you provide "payment services" within the meaning of Art. 2 para. 3 let. b AMLA – and whether this activity exceeds the commercial thresholds set out in the AMLO. If both apply, you require either affiliation with a self-regulatory organisation (SRO) or a direct FINMA licence.

This guide explains the relevant legal foundations, outlines when a marketplace is considered a financial intermediary and when it is not, and details the specific obligations in the event of subordination – including the option to outsource these duties to a regulated payment service provider (PSP).

1. What does "financial intermediary" mean under Swiss law?

Under Swiss law, a financial intermediary is understood as a person who, on a commercial basis, accepts, keeps in safe custody, or helps to invest or transfer third-party assets. The Anti-Money Laundering Act (AMLA) distinguishes between two categories: Financial intermediaries supervised under special legislation pursuant to Art. 2 para. 2 AMLA (banks, insurance companies, securities firms) are directly subject to FINMA supervision. The other financial intermediaries pursuant to Art. 2 para. 3 AMLA – the so-called parabanking sector – may choose whether to subject themselves directly to the Swiss Financial Market Supervisory Authority (FINMA) or to affiliate with an SRO recognized by FINMA.

For marketplace operators, Art. 2 para. 3 let. b AMLA is particularly relevant. This statutory criterion covers persons who "provide payment services, in particular by carrying out electronic transfers on behalf of third parties or issuing or administering means of payment such as credit cards and travellers' cheques". In practice: If your marketplace accepts customer funds and forwards them to sellers, you potentially meet this definition.

Whether you are actually subject to mandatory subordination as a financial intermediary depends, however, on a second criterion: commerciality.

2. Commerciality criteria under the AMLO

The Anti-Money Laundering Ordinance (AMLO) defines in Art. 7 when a financial intermediary activity is deemed to be conducted on a commercial basis. Only when at least one of the following criteria is met does an obligation to affiliate or obtain a licence arise:

For marketplaces with regular payment transactions, the gross revenue and transaction volume criteria are particularly relevant. A marketplace that processes EUR 200’000 in payments per month exceeds the threshold of EUR 2 million in transaction volume after just ten months. Important: Money or value transmission services are generally always deemed commercial under Art. 9 AMLO – unless conducted for related persons with a gross revenue of no more than EUR 50’000 per calendar year.

Activities for related persons (e.g. spouses, registered partners) are only taken into account if gross revenue exceeds EUR 50’000 per calendar year (Art. 7 para. 4 AMLO). In practice, this exception hardly ever applies to marketplace models.

3. SRO affiliation vs. direct FINMA subordination

Once commerciality is established, you have two options as a financial intermediary in the parabanking sector:

Option A: Affiliation with an SRO

A self-regulatory organisation (SRO) is an industry organisation recognized by FINMA that supervises its members and monitors compliance with AMLA obligations. In Switzerland, there are several SROs, including the Association for Quality Assurance of Financial Services (VQF), PolyReg, and industry-specific SROs. Affiliating with an SRO is the more practical solution for most marketplaces, as the administrative burden is significantly lower compared to a FINMA licence.

Costs: The admission fee for an SRO such as PolyReg is around EUR 1’600. Annual membership fees vary depending on the size of the business and start at around EUR 1’500 to EUR 5’000 for smaller financial intermediaries. In addition, there are audit costs, which can range from EUR 3’000 to EUR 15’000 per year depending on complexity.

Option B: Direct FINMA licence

Direct subordination to FINMA is an alternative that, in practice, is worthwhile primarily for larger or higher-risk business models. The licensing process is more demanding, and FINMA levies fees for the review and ongoing supervision. For most SME marketplaces, this option is disproportionate.

Important: Under Art. 11 para. 1 AMLO, you must submit an application for affiliation or licensing within two months of transitioning to commerciality. Until the conclusion of the proceedings, you may only perform acts that are strictly necessary to preserve the assets.

4. When a marketplace is not considered a financial intermediary

Not every marketplace through which payments flow is automatically subject to the AMLA. There are clear scenarios in which no financial intermediation exists:

Ancillary service

If payment processing merely represents a subordinate ancillary service to your main activity, the so-called accessoriness exception may apply. FINMA Circular 2011/1 specifies as an indicator that the gross revenue from the payment service must account for at most 10% of the company's total gross revenue. In addition, the funds for payment processing must originate from the general funds of the main service provider.

Auxiliary person of a regulated PSP

Art. 2 para. 2 let. a item 2 AMLO exempts auxiliary persons of financial intermediaries licensed or affiliated in Switzerland from the subordination obligation – under clear conditions: The auxiliary person must not act independently, must be integrated into the financial intermediary's organisational measures to combat money laundering, and must be trained accordingly. Practically, this means: If you, as a marketplace operator, use a regulated PSP such as Payrexx and completely outsource payment processing to them, you potentially act as an auxiliary person and are not subject to subordination yourself.

No cash flow via the marketplace

If your marketplace functions merely as an intermediary platform and buyers pay directly to sellers (e.g. via their own payment page), there is no financial intermediation. You neither accept third-party assets nor assist in transferring them.

Below the commerciality threshold

Even if a financial intermediary activity within the meaning of Art. 2 para. 3 AMLA is present, no affiliation obligation arises as long as none of the commerciality criteria under Art. 7 AMLO are met. However, this exception is only temporary – as soon as a threshold is exceeded, the two-month deadline applies.

5. Obligations under AMLA subordination: What to expect

If your marketplace is considered a financial intermediary and commerciality is established, you must fulfill the following due diligence duties:

Identification of the contracting party (KYC)

Pursuant to Art. 3 AMLA, you must verify the identity of your contracting parties on the basis of conclusive documentation when entering into a business relationship. In the case of legal entities, this additionally includes verifying power-of-attorney provisions and the identity of the person acting.

Establishment of the beneficial owner

Art. 4 AMLA requires you to identify the beneficial owner behind a business relationship – that is, the natural person to whom the assets ultimately belong or who effectively controls the business relationship.

Duty to keep records

All transactions and clarifications must be documented in accordance with Art. 7 AMLA in such a way that qualified third parties can form a reliable judgement. The documents must be retained in Switzerland for at least ten years.

Duty to report in case of suspicion (MROS)

Art. 9 AMLA establishes a duty to report in the event of reasonable suspicion of money laundering or terrorist financing. The report is submitted to the Money Laundering Reporting Office Switzerland (MROS) at the Federal Office of Police. The duty to report must be fulfilled immediately – delay or failure to report can have criminal consequences (Art. 37 AMLA). In parallel with the report, an asset freeze applies: Assets involved in the report may not be moved until MROS responds or a statutory deadline expires.

Internal organisation

As an AMLA-subordinated financial intermediary, you must maintain an internal control system (Art. 8 AMLA). This includes clear responsibilities, a compliance officer, employee training, and transaction monitoring capable of detecting unusual patterns.

6. Checklist: What to check before launching

Before launching your marketplace with a payment function, you should systematically clarify the following points:

• Analyse payment flow: Does money flow through a proprietary account or is it split directly by the PSP?

• Check financial intermediation: Do you meet the definition of Art. 2 para. 3 let. b AMLA (payment services)?

• Check commerciality criteria: Do you exceed any of the thresholds pursuant to Art. 7 AMLO (EUR 50’000 gross revenue, 20+ business relationships, EUR 2 million transaction volume)?

• Check accessoriness exception: Does the payment service account for less than 10% of your company's revenue?

• Check auxiliary person model: Are you contractually and organisationally integrated as an auxiliary person of a regulated PSP?

• Plan SRO affiliation: Obtain quotes from VQF, PolyReg, or an industry-specific SRO and schedule the lead time (typically 2–4 months).

• Define KYC processes: How do you identify sellers on your marketplace? Manually, via video ident, or via your PSP?

• Establish MROS reporting process: Define internally who triggers the report to MROS upon suspicion and how the asset freeze is implemented operationally.

• Ensure documentation: Set up a system for the ten-year retention of records.

• Obtain legal advice: Have your specific payment flow assessed by a law firm specialising in financial market law – distinctions can be complex on a case-by-case basis.

7. How Payrexx supports you with AMLA compliance

Payrexx is a Swiss Payment Service Provider (PSP) offering a marketplace payment solution designed specifically for platform operators. Thanks to the split payment model, the buyer's payment flows directly through Payrexx:

The platform commission goes to the marketplace, the remaining balance to the seller – without the marketplace itself ever touching customer funds. Payrexx handles the KYC and onboarding of sub-Comerciantes, due diligence duties under the AMLA, as well as payouts to sellers.

All standard Swiss payment methods are supported – from TWINT and PostFinance to credit cards and the QR invoice. Integration takes place via a documented API that can be integrated into existing platforms.