ANTIMONEY LAUNDERING LAWS
Swiss regulator to ease rules for fintech firms
The move comes after Switzerland’s parliament voted in June to amend the Swiss Banking Act, creating a new fintech licence categor
The Swiss Financial Market Supervisory Authority (Finma) is planning to loosen antimoney laundering rules for smaller financial technology firms, part of a drive to boost innovation and shore up the country’s position as a leading money management hub. The revisions, prompted by a new "fintech" licensing category carved out by the parliament in June, will clarify how nonbanks applying for the new licence must ensure due diligence. "As a rule, all financial institutions are subject to similar due-diligence requirements relating to combating money laundering. However, as most fintech licence applicants are likely to be smaller institutions, Finma proposes to introduce some organisational relaxations for such institutions," the financial supervisor said on Tuesday. Its proposal defines small institutions as those with gross revenues of less than Sf1.5m. Under its terms small institutions, unlike banks, would not for instance have to establish an independent antimoney laundering unit wi...
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