Anyone who intermediates 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 lit. b AMLA – and whether this activity exceeds the professional thresholds of the AMLO. If both apply, you need either an affiliation to a self-regulatory organisation (SRO) or a direct FINMA authorisation.

This guide explains the relevant legal basis, shows when a marketplace qualifies as a financial intermediary and when it does not, and describes the specific obligations in the event of subjection – including the possibility of outsourcing these obligations to a regulated Payment Service Provider (PSP).

1. What does «financial intermediary» mean in Swiss law?

In Swiss law, a financial intermediary is a person who, on a professional basis, accepts, safekeeps or helps invest or transfer assets belonging to others. The Anti-Money Laundering Act (AMLA) distinguishes between two categories: The financial intermediaries supervised under special legislation under Art. 2 para. 2 AMLA (banks, insurance companies, securities firms) are directly supervised by FINMA. The other financial intermediaries under Art. 2 para. 3 AMLA – the so-called parabanking sector – can choose whether to submit directly to the Swiss Financial Market Supervisory Authority (FINMA) or join a self-regulatory organisation (SRO) recognised by FINMA.

For marketplace operators, Art. 2 para. 3 lit. b AMLA is particularly relevant. This catalogue offence covers persons who provide «payment services, in particular effect electronic transfers for third parties or issue or manage means of payment such as credit cards and traveller's cheques». In concrete terms: if your marketplace accepts customer funds and forwards them to sellers, you potentially meet this definition.

Whether you are actually subject to subjection as a financial intermediary depends on a second criterion: professional activity.

2. Professional activity criteria under the AMLO

The Anti-Money Laundering Ordinance (AMLO) defines in Art. 7 when a financial intermediary activity is deemed professional. Only when at least one of the following criteria is met does an affiliation or authorisation obligation arise:

For marketplaces with regular payment flows, the gross revenue and transaction volume criteria are particularly relevant. A marketplace that processes CHF 200,000 in payments per month exceeds the CHF 2 million transaction volume threshold after just ten months. Important: Under Art. 9 AMLO, the money or value transfer business is generally always considered professional – unless it is carried out for related persons with gross revenue of at most CHF 50,000 per calendar year.

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

3. SRO affiliation vs. direct FINMA submission

If professional activity is established, you as a financial intermediary in the parabanking sector have two options:

Option A: Affiliation with an SRO

A self-regulatory organisation (SRO) is an industry association recognised 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 sector-specific SROs. SRO affiliation is the more practical solution for most marketplaces, as the effort is significantly lower compared with a FINMA authorisation.

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

Option B: Direct FINMA authorisation

Direct submission to FINMA is an alternative that is mainly worthwhile in practice for larger or higher-risk business models. The authorisation process is more time-consuming, and FINMA charges 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 affiliation or authorisation application within two months after the change to professional activity. Until the procedure is completed, you may only carry out actions that are absolutely necessary to preserve the assets.

4. When a marketplace is not considered a financial intermediary

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

Ancillary service

If payment processing is merely a subordinate ancillary service to your main activity, the so-called accessory exemption may apply. FINMA Circular 2011/1 states as an indication that the gross revenue from the payment service must amount to at most 10% of total company gross revenue. In addition, the funds for payment processing must come from the general funds of the main service provider.

Auxiliary person of a regulated PSP

Art. 2 para. 2 lit. a no. 2 AMLO exempts auxiliary persons of financial intermediaries authorised or affiliated in Switzerland from the subjection obligation – under clear conditions: The auxiliary person must not appear independently, must be involved in the organisational measures of the financial intermediary for anti-money laundering purposes and must be trained accordingly. In practical terms: If you, as marketplace operator, use a regulated PSP such as Payrexx and outsource payment processing entirely to it, you potentially act as an auxiliary person and are yourself not subject to subjection.

No money flow through the marketplace

If your marketplace acts only as a matching platform and buyers pay sellers directly (e.g. via their own payment page), there is no financial intermediation. You neither accept assets belonging to others nor help transfer them.

Below the professional activity threshold

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

5. Obligations in the event of AMLA subjection: what you need to expect

If your marketplace qualifies as a financial intermediary and professional activity applies, you must fulfil the following due diligence obligations:

Identification of the contracting party (KYC)

Under Art. 3 AMLA, when establishing a business relationship you must determine the identity of your contractual partners on the basis of documentary evidence. For legal entities, this also includes checking the signing authority provisions and the identity of the acting person.

Determination of the beneficial owner

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

Documentation obligation

All transactions and clarifications must be documented under Art. 7 AMLA so that qualified third parties can make a reliable assessment. The records must be kept 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 justified suspicion of money laundering or terrorist financing. The report is made to the Money Laundering Reporting Office Switzerland (MROS) at the Federal Office of Police. The reporting duty must be fulfilled immediately – delaying or failing to do so can have criminal consequences (Art. 37 AMLA). In parallel with the report there is an asset freeze: the assets involved in the report may not be moved until MROS responds or a statutory deadline expires.

Internal organisation

As a financial intermediary subject to the AMLA, you must have an internal control system (Art. 8 AMLA). This includes clear responsibilities, a reporting officer, staff training and transaction monitoring that can detect unusual patterns.

6. Checklist: what you should check before launch

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

1.      Analyse the payment flow: Does money flow through your own account or is it split directly by the PSP?

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

3.      Check professional activity criteria: Do you exceed one of the thresholds under Art. 7 AMLO (CHF 50,000 gross revenue, 20+ business relationships, CHF 2 million transaction volume)?

4.      Check the accessory exemption: Does the payment service account for less than 10% of your company revenue?

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

6.      Plan SRO affiliation: Obtain quotes from VQF, PolyReg or a sector-specific SRO and plan the lead time (typically 2–4 months).

7.      Define KYC processes: How do you identify sellers on your marketplace? Manually, by video identification or through your PSP?

8.      Establish the MROS reporting process: Define internally who triggers the report to MROS in the event of suspicion and how the asset freeze is implemented operationally.

9.      Ensure documentation: Set up a system for ten-year record retention.

10.  Obtain a legal assessment: Have your specific payment flow reviewed by a law firm specialising in financial market law – the distinction is complex on a case-by-case basis.

7. How Payrexx supports you with AMLA compliance

Payrexx is a Swiss Payment Service Provider (PSP) with a marketplace payment solution that is specifically designed for platform operators. Through the split-payment model, the buyer's payment flows directly via Payrexx:

The platform commission goes to the marketplace, the remaining amount to the seller – without the marketplace itself handling customer funds. Payrexx handles the KYC and onboarding of sub-merchants, the due diligence obligations under AMLA and the payouts to sellers.

All common 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.