Swiss AML self-regulation for P2P crowdlending: what the PolyReg audit checks

Maclear AG operates as a financial intermediary in the non-banking sector under Swiss financial regulations and is a member of PolyReg, a self-regulatory organisation (SRO) recognised by FINMA under the Anti-Money Laundering Act. Maclear AG is not directly licensed by FINMA. PolyReg's audit samples how well Maclear meets its AML identification obligations for the businesses accepted onto the platform, though it does not check every project individually.

This article addresses a common claim that Swiss self-regulation focuses only on anti-money laundering (AML), and shows how strictly it is applied. It also explains that both the PolyReg SRO framework and the EU investment-firm regime provide real oversight, but neither can guarantee that a specific loan will be repaid. The individual project and its collateral determine that, regardless of the regulatory framework.

The 2025 AMLA audit by Grant Thornton: scope and methodology

Swiss SRO status differs from the Markets in Financial Instruments Directive II (MiFID II) investment-firm licences that crowdlending platforms hold in EU member states. SRO membership includes a recurring, independent AML audit conducted by an outside firm. For Maclear, that auditor is Grant Thornton AG, which has conducted the PolyReg AML audits since 2023, with the most recent dated 22 October 2025.

In that latest audit, Grant Thornton reviewed 5,616 AML-relevant business relationships worth roughly EUR 34.7 million in transaction turnover, and sampled 64 individual files in detail. The audit established that:

• Zero cash transactions occurred across the period under review.
• Maclear had no relationships tied to foreign politically exposed persons or state-owned entities.
• The sample showed no connections to FATF-blacklisted jurisdictions.
• No complex or shell-company structures turned up in the files reviewed.

Grant Thornton also rated Maclear's support for the audit process “good”, with no special measures or supplementary review requested.

PolyReg's checklist for identity and legitimacy

Oversight of a Swiss financial intermediary such as Maclear AG operates in layers. The first layer is Maclear AG itself with its underwriting process: each potential peer-to-business (P2B) borrower is graded on a ten-step scale and the large majority of applications are rejected. The second layer is PolyReg, one of the self-regulatory organisations formally recognised by FINMA under the Anti-Money Laundering Act; it answers to FINMA for its members' conduct. If PolyReg's audit company finds a serious violation, it gives PolyReg's Executive Director immediate verbal notice, followed by a written report within 14 days; PolyReg's board then decides how to respond, from appointing an independent investigator to sanctions to notifying FINMA, depending on severity, per PolyReg's own regulations.

What does the PolyReg audit actually test?

Under Swiss AML law, the audit tests whether:

• each client's identity has been properly verified and not merely collected, and whether identification documents are current,
• beneficial ownership behind a corporate applicant is documented and matches the borrower's actual company structure,
• transactions are monitored for patterns that do not match a client's stated profile,
• whoever opened an account can show documented authorisation to represent the company behind it,
• source-of-wealth support on a higher-risk relationship goes far enough,
• paperwork exists to trace how money was transferred,
• a relationship is escalated and reported once something looks wrong.

In other words, the checks determine whether a business's or investor's identity and beneficial ownership can be verified and documented, what identification method is used for each one, and whether the documentation behind that verification holds up under external review.

Any relationship the auditor considers increased-risk gets closer scrutiny. A relationship between Maclear and a borrower also stays subject to external review well after the audit: reviewers can reopen and object to a case later, which adds a further layer of external accountability for how identity and ownership checks were documented and carried out.

Does Swiss AML supervision cover credit quality?

No. Swiss AML law is narrower than the EU investment-services conduct rules that govern MiFID II crowdlending platforms. A business's creditworthiness is a separate check carried out by Maclear's own underwriting system before a project is listed. PolyReg rules require every business listed for P2B crowdfunding on Maclear to undergo a documented identity and legitimacy check, but that check is about legitimacy, not credit quality.

Corrections, sanctions and SRO expulsion

If a PolyReg auditor finds issues during a review, the SRO requires a correction on a set timeline, which in such a case would mean Maclear could not continue a relationship with a problematic borrower. PolyReg supervises compliance and can act on what it finds, including sanctioning a member or, in serious cases, removing it from the SRO outright. In Switzerland, expulsion ends a firm's ability to operate as a financial intermediary altogether, which is why platforms under PolyReg supervision treat the audit as a serious compliance obligation.

Comparing the PolyReg audit against an EU MiFID II licence

Because the two frameworks answer different questions, asking which one is “better regulated” is not a useful comparison. Each regime governs a different layer of a platform, as the table shows.

Key takeaways

• Maclear AG is a member of PolyReg SRO, recognised by FINMA under the Anti-Money Laundering Act, and is not directly licensed by FINMA.
• SRO membership carries a recurring independent AML audit; the most recent was conducted by Grant Thornton AG on 22 October 2025 and covered 5,616 business relationships with 64 files sampled in detail.
• The audit verifies identity, beneficial ownership, transaction monitoring and documentation, not the credit quality of a listed project.
• Credit quality is assessed separately by Maclear's own underwriting, which grades each borrower on a ten-step scale.
• Neither a Swiss SRO framework nor an EU MiFID II licence guarantees that a specific loan will be repaid; the project and its collateral determine that.
• Losing SRO membership would end a firm's ability to operate as a financial intermediary in Switzerland, which is what gives the audit its weight.

FAQ

Does Maclear check the projects it lists for investment?

Yes, through two different types of check. Maclear's own underwriting grades each borrower and rejects most applications. Separately, PolyReg's independent AML audit samples borrower files and verifies the identity and legitimacy of businesses and investors accepted onto the platform.

Is Maclear regulated in the same way as EU-licensed platforms?

No. Maclear's Swiss AML self-regulation operates through PolyReg SRO, while platforms based in EU member states hold a MiFID II investment-firm licence issued by a national authority. These are two different regimes and neither is a substitute for the other. Neither framework shuts out EU-based investors: Maclear accepts them on a reverse-solicitation basis and within the limits of applicable local legislation, while a MiFID II licence lets a platform market directly across the EU through passporting. Both require detailed Know Your Customer (KYC) and Know Your Business (KYB) checks.

What does Maclear's AML audit include?

Grant Thornton AG reviewed a sample of Maclear's business relationships against Swiss AML requirements, including customer identification, beneficial-ownership documentation and transaction monitoring. The most recent audit covered 5,616 relationships and sampled 64 files in detail.

What does the auditor verify on each sampled file?

Four categories of facts: identity-verification documents, beneficial-ownership records for corporate applicants, source-of-wealth support on higher-risk relationships, and documented authorisation for the borrower representative who opened the account. Every finding in the audit traces to a named file and category.

Is an investment through Maclear covered by deposit insurance?

No. Maclear is not a bank, so the Swiss deposit-insurance scheme does not apply, and a MiFID II licence does not provide deposit insurance either. Maclear uses two risk-mitigation mechanisms instead: collateral and the Provision Fund. If a borrower stops paying, Maclear follows an escalation sequence, from contact on day 3 to a formal notice by day 30 to active recovery, including collateral realisation, from day 60. The Provision Fund is a reserve built from a 2% contribution on every successfully funded project and held in a segregated account apart from Maclear's own operating capital. It is designed to cover investor interest payments during borrower delays. It is not an insurance scheme, it is not a buyback guarantee, and it does not legally guarantee full repayment of principal. The current balance is published on the platform.

What happens if PolyReg finds a member is not complying?

PolyReg's first step is to require the violation corrected on a set timeline. Failing that, PolyReg can sanction the non-compliant member or, in more serious cases, expel it from the SRO. Under Swiss AML law, SRO membership is what legally authorises a business to operate as a financial intermediary, so losing that status affects the firm's legal standing.

About Maclear

Maclear AG is a Swiss-based P2P lending and crowdlending platform headquartered in Switzerland. The company operates as a financial intermediary in the non-banking sector and is a member of PolyReg SRO, in compliance with Swiss financial regulations including AML, KYC, and GDPR. Maclear offers retail and qualified investors access to vetted business loan opportunities, with built-in risk assessment, a Provision Fund, and a Secondary Market for liquidity.

The content of this article is provided for informational and educational purposes only. It does not constitute investment, financial, tax, or legal advice. P2P lending and crowdlending investments carry a risk of partial or total capital loss. Past performance is not indicative of future results. Liquidity on a secondary market is not guaranteed. Readers should conduct independent research and consult qualified advisors before making any financial decisions. Availability of products and services may be restricted in certain jurisdictions.