Recognition of auditors

Active members choose their own auditor for the AMLA/Code of Ethics and Professional Conduct audit. Required, however, is that the auditor chosen meets the SAAM recognition requirements.

The following auditors are permitted for the members' AMLA/Code of Ethics and Professional Conduct audits according to the guidance on audit requirements. 

• Members of the "Treuhand-Kammer" specialised in "auditing"; the persons in charge of the audit must have sound knowledge of the issue of the prevention of money laundering and in particular must be up-to-date with the latest developments in this field.
• Auditing firms recognized by the Swiss Financial Market Supervisory Authority (FINMA).
• Companies that employ at least one expert who has sufficient training for acceptance in "Treuhand-Kammer", in the specialized field of "auditing", who have a good reputation and character. Such companies must be of a size and organization appropriate for the company size and organization of the member to be audited in order to warrant flawless auditing activities in terms of the AMLA.
• The guidance on audit requirements also contain several exception clauses, with which auditor can be permitted to perform audits, even if they do not meet the above-listed criteria entirely.

It must be noted that both the approved auditors and the persons (audit head and account manager) who are in charge of the audit must have thorough knowledge of issues pertaining to the prevention of money laundering and in particular, have up-to-date knowledge of the latest developments in this field. They are obligated to continuous further education about the specific field of expertise. The auditors are therefore to provide information in the audit report regarding their continuous training in reference to this obligation and about their official recognition in the field of the auditing of financial intermediaries.

The approval of an auditor is always only granted in relation to a specific member or several specific members. It is possible to strip an auditor of recognition should he/she no longer meet the recognition requirements of the SAAM or for other reasons can no longer provide a guarantee for faultless auditing activities.