The Revision of the Anti-Money Laundering Act and the Ticino Notary as a Public Official

UPDATE NOTE — for the summary on Ticinus Update as of October 4, 2026 — a corrective addendum is available. This report was drafted on September 13, 2026, prior to the reform’s entry into force (October 1, 2026) and before the publication of a series of materials that altered its interpretive framework: the concise FAQ from the Swiss Federation of Notaries, the fee regulations, and the OAD FSA/FSN Information Bulletin 4/2026, three articles from the Revue de l’avocat 9/2026, and the Naef/Benedick article in Novità giuridiche 3/2026. In light of these materials, I published an addendum—“The Notary and the Attorney as ‘Advisors’ under the Anti-Money Laundering Act” (October 4, 2026)—which supplements and, on certain points, corrects this report. In particular: - The basis for calculating the thresholds under Art. 12f ORD must be adjusted: exempt transactions (subpar. h and subpar. b) are not included, so the argument that the CHF 2 million threshold would routinely be exceeded by ordinary sales alone is too broad—it is the exceptional transaction that counts, not the volume; - the right to disclose under Article 305ter(2) of the Swiss Penal Code (CP) does not apply to consultants: the voluntary disclosure of facts covered by professional secrecy by a notary or consulting attorney is not a right but may violate professional secrecy; The notary’s duty to perform official acts does not make membership “necessary”: it covers the drawing up of deeds—precisely what subparagraph (h) exempts—while ancillary advisory services may be refused. The report’s central thesis—that the obligation to comply does not stem from the status of “public official” but from the specific activities actually performed—is thereby confirmed and reinforced. For details, the new chapters (succession and guardianship functions, securities deposit and escrow, trusts, and the transition between advisor and financial intermediary) and a pre-triage operational guide, please refer to the addendum. A comprehensive evaluation of the two texts is scheduled for after the notaries’ assembly on October 7, 2026, to take into account any comments that may arise. Niccolò Salvioni, October 4, 2026 *** On October 1, 2026, the revised Anti-Money Laundering Act (AMLA) and the new Act on the Transparency of Legal Entities (ATLE) will take effect in Switzerland. This report—intended as a general guide—outlines the specific changes for Swiss notaries and attorneys, including professionals practicing in the Canton of Ticino. The key point: contrary to what a hasty reading might suggest, the obligation to join a self-regulatory body (OAD) does not stem from the notary’s status as a “public official.” The notarial profession in Ticino is a liberal profession, not a public-sector notary’s office (a special regime reserved for Zurich and Schaffhausen): Ticino notaries therefore fall under the general category of “consultants” (Art. 2, para. 3bis of the Anti-Money Laundering Act [LRD]), and the obligation applies only when the professional activity thresholds set forth in Art. 12f of the Anti-Money Laundering Ordinance [OLRD] are exceeded—primarily the aggregate annual volume of CHF 2 million, a criterion far more realistic than the threshold of CHF 5 million per individual transaction. The report also covers: the international origins of the reform (FATF, 2027/2028 assessment); a comparison with Germany, France, Italy, and Austria; a 5-step decision-making guide; the specific impact on attorneys; cross-border transactions; power of attorney, mandates, and advance payments on fees; the LTPG (Transparency Register for Legal Entities) and its penalties; the criminal and disciplinary regime; and the costs and compliance requirements of OAD membership. It concludes with a reflection on the asymmetry between the quantified costs to the state and the “externalized,” unestimated costs borne by professionals.

ITEN