Surge in Suspicious Activity Reports Signals Ongoing Money Laundering Challenges in Switzerland
The landscape of financial crime prevention in Switzerland continues to evolve, as the Swiss Money Laundering Report Office (MROS) reported a significant rise in suspicious activity reports (SARs) related to money laundering last year. This increase, reflecting robust national and international cooperation, underscores the ongoing efforts to tackle financial crime.
In its latest annual report, MROS revealed that a staggering 15,141 SARs were submitted, marking a 28 percent increase from the previous year. This trend aligns with long-term growth patterns, especially following a remarkable 56 percent surge in 2022.
Banks continue to be the primary source of these reports, providing 92.3 percent of all SARs. This statistic is consistent with the long-term average of 90.1 percent for the banking sector from 2015 to 2024.
The adoption of the goAML information system has markedly enhanced reporting capabilities. In 2024 alone, 27,901 entries were logged, reflecting a nearly 30 percent increase from the prior year. This increase has resulted in a threefold rise in reporting volume since the system’s inception in 2020.
On average, MROS processes around 107 reports daily, which comprise SARs, responses from financial intermediaries, and various international requests, among others.
MROS’s activities have also translated into a 20 percent increase in referrals to law enforcement authorities, which now stands at 1,043. These referrals are bolstered by analytical reports providing crucial insights, including data from both domestic and international sources.
Notably, SARs accounted for about 55 percent of all entries last year, a decrease from over 90 percent a decade ago. This shift highlights the growing complexity of financial crime and the need for broader investigative collaboration.
The official launch of the Swiss Financial Intelligence Public Private Partnership (Swiss FIPPP) in November 2024 represents a significant advancement in combating financial crime. This initiative unites twelve financial institutions and MROS, aiming to elevate Switzerland’s financial intelligence capabilities to that of other leading global finance hubs.
Furthermore, MROS is placing increasing emphasis on crypto and virtual assets, areas that are rapidly evolving and require robust regulatory frameworks. The agency hosted a specialized symposium in October 2024 to facilitate dialogue between regulators and industry leaders on these pressing issues.
The rising tide of suspicious activity reports highlights the growing complexity of financial transactions, particularly within the retail sector. As consumer trends shift and digital transactions become more prevalent, the necessity for enhanced regulatory frameworks and collaboration will become even more critical. This ongoing scrutiny not only signifies a commitment to transparency but also reflects an adaptive retail environment responding to emerging challenges in consumer behavior and financial integrity.
