Switzerland amends Annex 7 of its Syria sanctions ordinance, requiring intermediaries to freeze newly listed parties
Swiss financial intermediaries must freeze the newly listed Syria-regime parties and report affected relationships to SECO, in force from 16 June 23:00
Change
On 15 June 2026 Switzerland's WBF amended the list of sanctioned persons, companies and organisations under Annex 7 of the Syria measures ordinance (SR 946.231.172.7) and updated the SESAM database; the measures entered into force on 16 June 2026 at 23:00, requiring financial intermediaries to freeze the listed parties' assets and report affected business relationships to SECO.
Why it matters
The WBF amended Annex 7 of the Swiss Syria ordinance, changing the list of sanctioned persons, companies and organisations and updating the SESAM (SECO Sanctions Management) database, with the measures effective 16 June 2026 at 23:00. Financial intermediaries must implement the prohibitions, freeze the listed parties' assets and report affected business relationships to SECO. Reporting to SECO does not discharge their separate AMLA obligations — additional clarifications under Article 6 where suspicion arises, and an immediate MROS report under Article 9 where suspicion cannot be dispelled. The specific designations are published in the updated SESAM database and on the WBF/SECO website.
Implications
- — Swiss financial intermediaries must re-screen their client and counterparty base against the amended Annex 7 of SR 946.231.172.7 (reflected in the updated SESAM database), implement the prohibitions and freeze the assets of the newly listed persons, companies and organisations, with the measures in force from 23:00 on 16 June 2026.
- — Swiss financial intermediaries must report the affected business relationships to SECO, while recognising that this reporting does not discharge their separate AMLA obligations — additional clarifications under Article 6 where suspicion arises, and an immediate MROS report under Article 9 where such suspicion cannot be dispelled.
- — Sanctions-screening and compliance teams should obtain the specific added or removed designations from the updated SESAM database and the WBF/SECO publication, as the notice confirms the list changed without enumerating the entries.
Who is affected
- — Swiss financial intermediaries implementing the asset freeze and prohibitions under SR 946.231.172.7
- — Sanctions-screening and compliance teams updating screening against the amended Annex 7 and SESAM
- — AML compliance and MROS-reporting functions handling Article 6 clarifications and Article 9 reports