FINMA interpretation practice: distribution of gift cards

On 17 July 2025, FINMA clarified its interpretation practice on the distribution of gift cards and e-money devices. Accordingly, providers of gift cards operating under a three-party structure are generally considered financial intermediaries within the meaning of Art. 2(3)(b) of the Anti-Money Laundering Act (AMLA). Affected providers must submit a corresponding application for affiliation with an SRO-application by no later than 31 December 2025.

Supervisory obligation for financial intermediaries in the para-banking sector

Unlike financial intermediaries subject to special supervision under Art. 2 para. 2 AMLA - such as banks or portfolio managers that are directly supervised by FINMA - financial intermediaries designated as the ‘other financial sector’ may join an SRO.

Art. 2 para. 3 AMLA defines financial intermediaries as persons who accept, hold or help to invest or transfer third-party assets on a professional basis. According to Art. 2 para. 3 lit. b AMLA, this also includes people who provide services related to payment transactions. Under Art. 4 para. 1 lit. c of the Anti-Money Laundering Ordinance (AMLO), such a payment transaction service exists if means of payment other than cash are issued which customers can use to make payments to third parties.

This includes, on the one hand, means of payment that provide access to stored funds (rechargeable e-money devices, prepaid cards), and on the other hand, those in which a debt is recorded and subsequently invoiced by the operator of the payment system (credit cards, department store cards in three-party structures, etc.).

Distinction between two-party and three-party structures

According to the FINMA communication, means of payment such as prepaid cards that are used in a two-party structure do not fall within the scope of AMLA. This applies in particular if the issuer is also a party to the underlying transaction in which the payment is made. If the prepaid cards can be used exclusively for payments to the issuer, any third party that sells the prepaid cards to end customers is not subject to AMLA either.

According to FINMA, the situation is different for prepaid cards that can be used as means of payment not only to the issuer but also to third parties. In this type of three-party structure, such prepaid cards are considered means of payment within the meaning of AMLA. Since the money laundering risk lies with the end customers, the AMLA provisions apply not only to the issuer of the means of payment but also to the parties that provide access to the payment system and have direct contact with end customers (distributors).

Exception for auxiliary persons: distinction between sales and brokerage models

FINMA explains that distributors may distribute means of payment either in their own name and for their own account (sales model) or as a direct representative of the issuer (brokerage model). In principle, both models can be assumed to be activities that are subject to AMLA. Under the brokerage model, however, the distributor may be able to invoke the auxiliary person exemption under Art. 2 para. 2 lit. b AMLO and dispense with separate supervision.

Action required by the end of 2025

FINMA has clarified that issuers and distributors of gift cards or e-money devices in a three-party structure are subject to AMLA requirements – unless they can invoke the auxiliary person exemption. Affected parties must submit an application for affiliation with an SRO by 31 December 2025 at the latest.

The table below provides a clear overview of AMLA applicability in the various scenarios: