The Swiss financial regulator has released its update to the Anti-Money Laundering Ordinance (AML), noting that it expands 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 Regarding Crypto Transfers
Following consultations which began earlier this year, the Swiss Financial Market Supervisory Authority (FINMA) has partially revised its Money Laundering Ordinance (AMLO), clarifying the application of a maximum limit for unidentified crypto exchange transactions.
In a press release on Thursday, the regulator said the regulations, which will come into force on January 1, 2023, now reflect the latest amendments to Swiss money laundering law and the Federal Council Ordinance on Money Laundering. silver.
FINMA noted that the comments received confirmed its position that the mandatory verification of the identity of beneficial owners as well as the periodic checks establishing that customer data are up to date do not need to be detailed at the level of the prescription.
At the same time, the financial observatory pointed out that a provision obliging intermediaries to regulate the procedures for updating and controlling customer files through an internal directive will remain in place.
The authority also pointed out that the order was extended to cover distributed ledger trading systems and further revealed that it had received numerous comments regarding the reporting threshold for transactions involving virtual currencies. In the announcement, FINMA said:
Given the risks and recent cases of abuse, FINMA sticks to the rule that technical measures are necessary to prevent the threshold of CHF 1,000 from being exceeded for linked transactions within 30 days (and not only per day).
The watchdog, however, pointed out that this requirement only applies to transactions that exchange crypto assets for cash or other anonymous means of payment.
According to the so-called “travel rule”, which was implemented by Switzerland on January 1, 2020, crypto-asset service providers must share identifiable customer data when transferring cryptocurrency, the fiat value of which exceeds said threshold and prove ownership of non-custodial wallets.
Citing heightened money laundering risks, in February of the same year FINMA lowered the threshold triggering reporting obligations through another amendment to its AMLO to 1,000 Swiss francs (approximately $980 at the time of writing). , against 5,000 francs previously.
Do you think the Swiss authorities will further tighten reporting requirements for crypto transactions in the future? Share your expectations in the comments section below.
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