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    FINMA to Revise Data Processing and AML Ordinance, Restrict Sberbank

    March 09, 2022

    The Swiss Financial Market Supervisory Authority (FINMA) ordered protective measures at Sberbank (Switzerland) AG and proposed to revise the data processing Ordinance as well as the Anti-Money Laundering (AML) Ordinance, with both consultations ending on May 10, 2022.

    Draft Amendments to Ordinance on data processing. Through this revision, FINMA is implementing the revised Swiss Data Protection Act in its Ordinance on data processing. The scheduled revision of the FINMA Ordinance on data processing is intended to supplement and set out more precisely the existing implementing provisions in light of the new federal regulations on data protection. The Ordinance on data processing details how FINMA processes data in the context of fulfilling its statutory duties. No material adjustments to the existing practice for data processing are planned as part of the complete revision of the ordinance. Instead, FINMA is executing the adjustments made by the Swiss parliament as part of the complete revision of the Data Protection Act, which more closely defines the formal legal basis for data processing by FINMA. The fully revised FINMA Ordinance on Data Processing will enter into force after the fully revised Data Protection Act enters into force.

    Draft Amendments to Anti-Money Laundering Ordinance. The key changes to the FINMA Anti-Money Laundering Ordinance are related to establishment of the identity of the beneficial owner, periodic validation that client data is up to date, and transfer of the duties in the event of a suspicion of money laundering. Due to the detailed provisions in the revised Anti-Money Laundering Act, no further guidance on establishing the identity of the beneficial owner will be provided at the level of the FINMA Anti-Money Laundering Ordinance. However, in its ordinance, FINMA does provide further guidance on the obligation of financial intermediaries to regulate the updating of client data in an internal directive. Furthermore, FINMA is repealing those implementing provisions on reporting in the FINMA Anti-Money Laundering Ordinance that were transferred to the Federal Council’s Anti-Money Laundering Ordinance. Finally, the application of the threshold for transactions with virtual currencies introduced at the start of 2021 must be defined more closely. The publication and entry into force of the partially revised FINMA Anti-Money Laundering Ordinance is planned for December 01, 2022.


    Related Links (in English and German)


    Keywords: Europe, Switzerland, Banking, Insurance, Securities, Data Processing, Anti-Money Laundering, FINMA Ordinance, Data Protection, ML TF Risk, Regtech, Sberbank, Credit Risk, FINMA, AML

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