FINMA has revised its interpretative practice regarding the distribution of gift cards. While the AMLA-subjection of issuers of gift cards in a three-party arrangement has long been established under FINMA Circular 2011/1, the newly introduced clarification primarily concerns the sellers or distributors of such cards. The regulatory status of sellers had previously been unclear, resulting in legal uncertainty in practice.

The key point of the new practice is this: Sellers of gift cards in a three-party arrangement are now also considered financial intermediaries, provided they have direct customer contact. By 31 December 2025, they must join an SRO or amend their contractual framework so that they qualify as auxiliary persons of the financial intermediary and can fulfil the AMLA obligations at the point of sale.

1. Longstanding Principles: Issuers of Gift Cards

According to longstanding practice, issuers of gift cards in a three-party arrangement were clearly classified as financial intermediaries. This followed from FINMA Circular 2011/1, margin note 65, which subjects operators of systems run by an organisation that is not identical with the users (e.g. buyer and seller of a good) to the AMLA. Systems enabling access to stored value or the recording of a debt (e.g. debit cards, reloadable e-money carriers, credit cards or department store cards in three-party arrangements) have therefore been AMLA-subjected for years.

Accordingly:

• Three-party arrangements (redeemable with third parties) → issuers are subject to AMLA.

• Two-party arrangements (redeemable only with the issuer itself, who also sells goods or services) → issuers are not subject to AMLA.

These principles remain unchanged.

2. New Practice: Clarification of AMLA Applicability to the Distribution of Gift Cards

The key novelty concerns not the issuers, but the sellers or distributors who sell gift cards in a three-party arrangement to end customers.

Gift cards redeemable only with the issuer (e.g. Apple, Netflix, Zalando, PlayStation) continue not to be subject to AMLA. This also applies to retailers who merely resell such cards.

FINMA now clarifies that:

• Gift cards redeemable with third parties (e.g. paysafecard, Aplauz) qualify as means of payment under AMLA.

• Not only the issuer, but also sellers with direct customer contact are, in principle, financial intermediaries.

• This applies both to the sales model (own name, own account) and to the agency model (in the name of the issuer).

• In the agency model, an auxiliary person exemption under Art. 2(2)(b) AMLO may be possible, but only if all conditions are met continuously and in full. To qualify for the auxiliary person exemption, distributors must meet particularly strict requirements: they must be carefully selected by the financial intermediary, operate under its instructions and control, and be fully integrated into its AML framework. They may act solely in the name and on the account of the financial intermediary and may be compensated only by that intermediary. A written agreement confirming compliance with all requirements is also mandatory.

As a result, the distribution of a gift card in a three-party arrangement is now explicitly considered an activity subject to AMLA. Distribution in a two-party arrangement is expressly excluded from AMLA, regardless of whether the distributor sells the gift cards in its own name and on its own account or in the name and on the account of the issuer.

This clarification is welcome, as FINMA had never previously taken an official position on whether, and under what conditions, sellers or distribution partners of gift cards fall under AMLA. In particular, it was unclear whether accepting and forwarding customer funds when selling on behalf of the issuer constituted an AMLA-relevant execution of a payment transaction. The new FINMA practice finally resolves this question and creates legal certainty.

3. Next Steps for Distributors and Issuers of Gift Cards Before the End of 2025

Companies selling gift cards in a three-party arrangement must:

• submit an application for SRO membership by 31 December 2025,

• assess whether the auxiliary person exemption applies and, if necessary, adjust contracts and processes, and

• ensure full compliance with the applicable legal requirements.

Issuers that rely on third-party distributors also bear responsibility for their partners’ compliance and should review their distribution structures accordingly.

The experts at Advoro are available to support you in implementing these new requirements.