On 26 September 2025, Swiss Parliament enacted the Federal Act on the Transparency of Legal Entities and the Identification of Beneficial Owners (Gesetz über die Transparenz von juristischen Personen und die Feststellung der wirtschaftlich Berechtigten (TJPG)) or “Legal Entities Transparency Act” (LETA) and the amended Anti-Money Laundering Act (AMLA). The objective is to enhance the combat against money laundering and terrorist financing.

The LETA establishes new obligations for legal entities and creates a centralized federal register of beneficial owners (transparency register). This register aims to furnish specific authorities with fast and straightforward access to accurate information regarding the beneficial owners of a legal entity. The Federal Department of Justice and Police will oversee its maintenance. The audit unit at the Federal Department of Finance will verify the accuracy, completeness, and timeliness of the information in the transparency register. The register will be available to specific authorities and individuals or entities subject to the AMLA.

The individual requirements of the LETA and of the amended AMLA require specific implementation provisions at ordinance level. Thus, the Federal Council launched the consultation on draft “Legal Entities Transparency Ordinance” (LETO) at its meeting on 15 October 2025 according to the corresponding press release. The draft LETO specifically delineates the information that companies are required to collect and report, elaborates on certain definitions, and establishes the reporting procedure for the transparency register. The consultation proceedings will last until 30 January 2026.