Featured Product

    FINMA Revises Its Anti-Money Laundering Ordinance

    July 18, 2018

    The Swiss Financial Market Supervisory Authority FINMA revised its Anti-Money Laundering Ordinance (AMLO-FINMA). The changes are part of an overall package and include measures resulting from the Financial Action Task Force's (FATF) mutual evaluation report on Switzerland. The changes also take account of feedback from the consultation phase and the revised ordinance will enter into force on January 01, 2020.

    In the context of the fourth country review of Switzerland, FATF identified a range of weaknesses in Switzerland's arrangements for combating money laundering and the financing of terrorism. As a result, Switzerland is now engaged in an enhanced follow-up procedure. To exit this procedure successfully, Switzerland will have to implement a number of changes, which includes amending the AMLO-FINMA. The draft ordinance is part of a package of follow-up measures related to the FATF country review. 

    The revised FINMA Anti-Money Laundering Ordinance (AMLO-FINMA) addresses shortcomings identified in the FATF country review and incorporates findings from FINMA's supervisory and enforcement practice. It will give financial intermediaries the time they need to come into line with the new rules. Further, it allows Switzerland to demonstrate to FATF in the next follow-up report that it is making progress on addressing key issues. The amended AMLO-FINMA sets out in more detail the requirements for global monitoring of these risks. This affects Swiss financial intermediaries with branches or group companies outside Switzerland. It also specifies the risk management measures that must be put in place if domiciliary companies or complex structures are used or if there are links with high-risk countries. In addition, FINMA has reduced the threshold for identification measures for cash transactions to the FATF level of CHF 15,000.

     

    Related Link: Press Release and Related Documents

    Effective Date: January 01, 2020

    Keywords: Europe, Switzerland, Banking, AML, AMLO-FINMA, FATF, FINMA

    Related Articles
    News

    MAS Concludes Blockchain Payments Prototype Shows Commercial Potential

    MAS and Temasek jointly released a report to mark the successful conclusion of the fifth and final phase of Project Ubin, which focused on building a blockchain-based multi-currency payments network prototype.

    July 13, 2020 WebPage Regulatory News
    News

    PRA Publishes Public Working Draft of XBRL Taxonomy 1.2.0 for Insurers

    PRA published a public working draft, or PWD, of version 1.2.0 of the BoE Insurance XBRL taxonomy, along with the related technical artefacts.

    July 13, 2020 WebPage Regulatory News
    News

    CPMI Report Sets Out Building Blocks to Enhance Cross-Border Payments

    CPMI published a report that sets out nineteen building blocks for a global roadmap to improve cross-border payments.

    July 13, 2020 WebPage Regulatory News
    News

    EBA Publishes Phase 2 of Technical Package on Reporting Framework 2.10

    EBA published phase 2 of the technical package on the reporting framework 2.10, providing the technical tools and specifications for implementation of EBA reporting requirements.

    July 10, 2020 WebPage Regulatory News
    News

    APRA Updates Reporting Validation Rules in July 2020

    APRA updated the lists of the Direct to APRA (D2A) validation rules for authorized deposit-taking institutions, insurers, and superannuation entities.

    July 10, 2020 WebPage Regulatory News
    News

    PRA to Partly Apply EBA Guidelines on Disclosures for COVID Measures

    PRA updated the statement that provides guidance to regulated firms on implementation of the EBA guidelines on reporting and disclosure of exposures subject to measures applied in response to the COVID-19 crisis.

    July 10, 2020 WebPage Regulatory News
    News

    EBA Updates List of Correlated Currencies Under CRR

    EBA updated the 2019 list of closely correlated currencies that was originally published in December 2013.

    July 10, 2020 WebPage Regulatory News
    News

    ESMA Guides on Securitization Repository Data Consistency Thresholds

    ESMA published the final report on the guidelines on securitization repository data completeness and consistency thresholds.

    July 10, 2020 WebPage Regulatory News
    News

    FASB Proposes to Delay Implementation of Insurance Contracts Standard

    FASB issued a proposed Accounting Standards Update that would grant insurance companies, adversely affected by the COVID-19 pandemic, an additional year to implement the Accounting Standards Update No. 2018-12 on targeted improvements to accounting for long-duration insurance contracts, or LDTI (Topic 944).

    July 09, 2020 WebPage Regulatory News
    News

    APRA Updates Regulatory Approach to Loan Deferrals Amid COVID Crisis

    APRA updated the regulatory approach for loans subject to repayment deferrals amid the COVID-19 crisis.

    July 09, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5480