GwG – criminal provisions

If a financial intermediary breaches an existing reporting obligation pursuant to Art. 9 GwG, he shall be fined.

The fines are:

in the case of wilful inten:

CHF 500,000

in the case of negligence:

CHF 150,000

If the breach is repeated within a period of 5 years following a res judicata conviction, a fine of at least CHF 100,000 shall be imposed (Art. 37 Para. 3 GwG).

It is essentially the case for legal entities that the addressees of a fine are their managing officers. These are anyway required to take the organisational measures to prevent money laundering and terrorism finance (cf. Art. 8 GwG).

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