Swiss financial regulators Please note that we have published the Money Laundering (AML) Ordinance, expanding its scope to include blockchain trading platforms. We have also clarified the specific reporting and identification requirements that apply to crypto trading.
Monetary authorities adjust Swiss anti-money laundering rules on cryptocurrency transfers
Following consultations started earlier this year, the Swiss Financial Market Supervisory Authority (FINMA) partially amended the Anti-Money Laundering Ordinance (AMLO) to clarify the application of caps on unconfirmed crypto exchange transactions.
In a press release on Thursday, the regulator said the regulation, which will come into force on 1 January 2023, is currently in line with the Swiss Anti-Money Laundering Act and the Federal Council’s anti-money laundering legislation. Said it reflects the fix. Money Laundering Ordinance.
With feedback collected, FINMA has determined that mandatory identification of beneficial owners of funds and periodic checks to ensure that client data is up to date will be detailed in the ordinance. He pointed out that he confirmed his position that it was not necessary. level.
At the same time, financial oversight agencies stressed that provisions requiring intermediaries to regulate procedures for updating and verifying customer records through internal directives remain in force.
The agency also noted that the ordinance has been expanded to cover distributed ledger trading facilities, further indicating that it has received many comments regarding reporting standards for transactions involving virtual currencies. In its announcement, FINMA said:
Given the risks and recent instances of abuse, FINMA has decided that the We support the rule that technical measures are required to ensure that the threshold of Within 30 days (not just 1 day).
However, the regulator said this obligation only applies to exchange transactions of crypto assets with cash or other anonymous means of payment.
According to the so-called “Travel Rule”, which came into force in Switzerland on January 1, 2020, cryptocurrency service providers must share identifiable customer data. When transferring cryptocurrency, the value of that fiat currency exceeds the above threshold, proving ownership of the uncustodial wallet.
In February of that year, FINMA increased the reporting threshold from its previous value of 1,000 through another amendment to AMLO, citing the increased risk of money laundering. It has been lowered to Swiss francs (about $980 at the time of writing). 5,000 francs.
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