Auditing for adherence to the Anti-Money Laundering Act and the Code of Ethics and Professional Conduct 

According to the Articles of Association and the Code of Ethics and Professional Conduct, the active members are periodically audited for their adherence to the Code of Ethics and Professional Conduct and the Anti-Money Laundering Act (AMLA). Within the scope of this audit, the auditor compiles an audit report and sends it to the SRO Board of Directors.

This report informs the SRO BoD about the results of the audit. If the audit uncovers a lack of adherence to the AMLA and the Code of Ethics and Professional Conduct, then the SAAM provides the necessary support, and if necessary also applies sanctions. The audit therefore forms a very important tool for supervisory activities.

The SRO Board of Directors determines in the Guidance on audit requirements how such audits are to be conducted, which auditing measures are to be carried out, who is able to conduct such audits for SAAM members, and finally, how the reporting is to be made.

Important details for members and auditors

• Submission of the AMLA/Code of Ethics and Professional Conduct audit report: The audit report is to be submitted to SAAM by members within six months following closing of the business year. The audit report is to be sent to the regional office in charge of the member (Zurich, Geneva or Lugano). Sanctions will be levied for submissions that are late.
• Recognition of the auditors: Before choosing the auditor the member must verify that they meet the recognition requirements according to the Guidance on audit requirements of the SAAM. It is permitted that the auditor chosen for the audit as stipulated by the Code of Obligations and the AMLA are one and the same, as long as the recognition requirements are met.
• Risk classification obligation: Since January 1, 2007, active members must classify their business relationships and transactions on the basis of risk criteria.
• Formation: To maintain the high level of know-how among the auditors, the SAAM organizes auditor's seminars each year that specifically cover the Code of Ethics and Professional Conduct.