Switzerland’s Financial Market Supervisory Authority (FINMA) revises its anti-money laundering ordinance.
The Swiss financial regulator has published its updated anti-money laundering ordinance, noting it’s extending the coverage to include blockchain trading platforms. It also clarified certain reporting and identification requirements that apply to crypto transactions.
FINMA noted that the collected feedback confirmed its position that the mandatory identity verification of beneficial owners of funds as well as the periodic checks establishing that client data is up to date do not need to be set out in detail at ordinance level. The authority also pointed out that the ordinance is being extended to cover distributed ledger trading facilities and further revealed it received many comments regarding the reporting threshold for transactions involving virtual currencies. In the announcement, FINMA stated:
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