(Art. 61 para. 2 and 62 FinIA)
The supervisory organisation shall verify on an ongoing basis whether the entities under its supervision specifically:
satisfy the requirements of the FinIA;
observe the duties pursuant to the Anti-Money Laundering Act of 10 October 199752 (AMLA);
observe the duties pursuant to the FinSA53 if they provide financial services in accordance with Article 3 letter c FinSA;
observe the duties pursuant to the CISA54 if they perform activities falling under the CISA.
FINMA shall provide the supervisory organisations with guidelines for auditing and supervision. In particular, it shall set down for the supervisory organisations a system of risk assessment as well as minimum requirements to be met by the supervision concept. It shall consult with the supervisory organisations beforehand.
Audit actions and their findings shall be recorded in audit reports. Audit reports shall be published in an official language. Exemptions through audit firms in accordance with Article 43k FINMASA55 require the consent of the supervisory organisation.
If the supervisory organisation supervises a financial institution whose activity requires a higher authorisation level on exceeding thresholds, the supervisory organisation will monitor compliance with these thresholds and notify FINMA and the financial if they are exceeded.
The issuance of rulings is reserved to FINMA. FINMA shall intervene in the ongoing supervision by the supervisory organisation if this is necessary to enforce the financial market acts in accordance with Article 1 paragraph 1 FINMASA.
If managers of collective assets or fund management companies act as trustees, FINMA shall exercise day-to-day supervision over their activities. The same audit firm shall be appointed auditor as for activities as a manager of collective assets or fund management company under Article 63 paragraph 1 FinIA.56