New Anti-Money Laundering Rules in Switzerland
New requirements for crypto platforms and bitcoin brokers, revision of the Swiss Anti-Money Laundering Act (AMLA), CDB 20 and GvW-FINMA
Switzerland is setting new standards in the fight against money laundering. On 23 September 2021, the financial portal finews.ch reported that bitcoin brokers and crypto platforms will be required to take additional steps to prevent money laundering.
The revised Anti-Money Laundering Act (AMLA) – expected to come into force in mid-2022 – will usher in more changes. Two of the key changes will be:
- Verification of ultimate beneficial owner (UBO) information
- Regular updates of customer details (KYC)
The revised agreement on the Swiss banks’ code of conduct with regard to the exercise of due diligence (CDB 20) and the revised FINMA Anti-Money Laundering Ordinance (GwV-FINMA) entered into force on 1 January 2020.
The FATF is one of the reasons for the legislative initiatives. From the outset, the financial sector was focused on the opportunity to leave the Financial Action Task Force’s (FATF) enhanced follow-up process.
Find out more about which areas are covered by compliance in the financial sector and how companies are employing intelligent software solutions:
Improved KYC and better transaction monitoring
The adoption of new regulations means that banks, financial institutions and insurance companies have to instantly review or adapt their systems for identifying compliance risks. These include the documentation required to open an account and customer risk classification.
This is when the MLDS money laundering detection system really comes into its own. Banks and insurance companies have been using this software for many years. There are several reasons for this:
WhitePaper – Why successful banks now rely on machine learning in compliance
Learn more about regulatory requirements and SAR trends in Switzerland and find out why successful banks are now turning to machine learning.
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