Swiss Financial Watchdog Releases Revised AML Ordinance, Clarifies Crypto Req...
The Swiss financial regulator has published its updated anti-money laundering (AML) ordinance, noting it’s extending the coverage to include blockchain trading platforms. It also clarified certain reporting and identification requirements that apply to crypto transactions. Financial Authorities Adjust Swiss Anti-Money Laundering Rules Concerning Crypto Transfers Following consultations that started earlier this year, the Swiss Financial Market Supervisory Authority (FINMA) has partially revised its Anti-Money Laundering Ordinance (AMLO), clarifying the application of a maximum limit for....
Related News
Crypto trading is increasingly similar to the U.S. stock market of the late 1920s, the head of the Swiss financial watchdog has remarked. The high-ranking official believes that regulatory agencies around the world should do more to ensure investor protection. Swiss Financial Watchdog Executive Calls for More Regulations for ‘Abusive’ Crypto Market Governments are still trying to find the best approach to overseeing the $900-billion crypto asset market, which in many jurisdictions is only partially regulated, Euronews noted in a report on Wednesday. Officials have issued....
FINMA said it stood by an AML ordinance requiring identity checks for transactions of virtual currencies to cash or “other anonymous means of payment” exceeding 1,000 Swiss francs. The Swiss Financial Market Supervisory Authority, or FINMA, has announced it will be extending an anti-money laundering ordinance which requires identity checks for reporting certain crypto transactions.In a Nov. 2 notice, the Switzerland financial regulator said it would enforce a threshold of 1,000 Swiss francs — roughly $997 at the time of publication — for transactions of virtual currencies to cash or “other....
The Swiss government will enforce new blockchain laws in less than a year. Switzerland’s Federal Department of Finance has initiated a consultation process for a blanket ordinance in the blockchain and distributed ledger technology space. The consultation will happen among cantons, parties and other interested groups in this space. It is scheduled to continue for more than three months, ending on Feb. 2, 2021. This is a part of the Swiss government's active interest in promoting blockchain and cryptocurrency. The consultation to create better laws for the blockchain industry comes only a....
Switzerland is Considering Bitcoin. Switzerland: The Swiss Financial Market Supervisory Authority, FINMA, has revised the Collective Investment Schemes Ordnance. This time it includes information and guidelines on Bitcoin. Coming from one of the most conservative and secretive financial systems in the world, this is an indication of Bitcoin's progress. FINMA's role is: "To protect creditors, investors and policy holders and ensure the smooth functioning of the financial markets. Through consistent supervision and predictable regulation, we make an important contribution to safeguarding the....
Switzerland’s Federal Council – a seven-member group that serves as the country’s head of government – began consulting amendments to the country’s Banking Act and Banking Ordinance when it comes to financial technology on the 1st of February. The goal is to reduce market entry barriers for Fintech firms, and to enhance the Swiss financial center’s competitiveness. The country’s Federal Council had in the past outlined its Fintech-friendly agenda, in which the Federal Department of Finance (FDF) was instructed to prepare a consolation draft that would make it easier for Fintech companies....